英文标题：
《Stability and Identification with Optimal Macroprudential Policy Rules》
---
作者：
Jean-Bernard Chatelain, Kirsten Ralf
---
最新提交年份：
2014
---
英文摘要：
This paper investigates the identification, the determinacy and the stability of ad hoc, \"quasi-optimal\" and optimal policy rules augmented with financial stability indicators (such as asset prices deviations from their fundamental values) and minimizing the volatility of the policy interest rates, when the central bank precommits to financial stability. Firstly, ad hoc and quasi-optimal rules parameters of financial stability indicators cannot be identified. For those rules, non zero policy rule parameters of financial stability indicators are observationally equivalent to rule parameters set to zero in another rule, so that they are unable to inform monetary policy. Secondly, under controllability conditions, optimal policy rules parameters of financial stability indicators can all be identified, along with a bounded solution stabilizing an unstable economy as in Woodford (2003), with determinacy of the initial conditions of non- predetermined variables.
---
中文摘要：
本文研究了当中央银行预先承诺金融稳定时，通过金融稳定指标（如资产价格偏离其基本价值）和最小化政策利率波动的临时“准最优”和最优政策规则的识别、确定性和稳定性。首先，金融稳定指标的特殊和准最优规则参数无法识别。对于这些规则，金融稳定指标的非零政策规则参数在观测上等同于另一个规则中设置为零的规则参数，因此它们无法通知货币政策。其次，在可控性条件下，金融稳定指标的最优政策规则参数都可以确定，以及一个稳定不稳定经济的有界解，如Woodford（2003）所述，具有非预定变量初始条件的确定性。
---
分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
--

---
PDF下载：
-->