Arbeitspapier
Managing risk taking with interest rate policy and macroprudential regulations
We develop a model in which a financial intermediary's investment in risky assets - risk taking - is excessive due to limited liability and deposit insurance, and characterize the policy tools that implement efficient risk taking. In the calibrated model, coordinating interest rate policy with state-contingent macroprudential regulations - either capital or leverage regulation, and a tax on profits - achieves efficiency. Interest rate policy mitigates excessive risk taking, by altering the return and the supply of collateralizable safe assets. In contrast to commonly-used capital regulation, leverage regulation has stronger effects on risk taking and calls for higher interest rates.
- Sprache
-
Englisch
- Erschienen in
-
Series: Research Report ; No. 2016-6
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Monetary Policy
Portfolio Choice; Investment Decisions
General Financial Markets: Government Policy and Regulation
- Thema
-
Financial intermediation
risk taking
interest rate policy
macroprudential regulations
capital requirements
leverage ratio
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Cociuba, Simona E.
Shukayev, Malik
Ueberfeldt, Alexander
- Ereignis
-
Veröffentlichung
- (wer)
-
The University of Western Ontario, Department of Economics
- (wo)
-
London (Ontario)
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Cociuba, Simona E.
- Shukayev, Malik
- Ueberfeldt, Alexander
- The University of Western Ontario, Department of Economics
Entstanden
- 2016
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