Monetary and macroprudential policy coordination among multiple equilibria
The notion of a tradeoff between output and financial stabilization is based on monetary-macroprudential models with unique equilibria. Using a game theory setup, this paper shows that multiple equilibria lead to qualitatively different results. Monetary and macroprudential authorities have tools th...
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| Format: | Article |
| Language: | English |
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Elsevier Ltd
2019
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| Online Access: | View Fulltext in Publisher |