{"id":344,"date":"2021-05-21T00:33:00","date_gmt":"2021-05-20T15:33:00","guid":{"rendered":"https:\/\/lynx.let.hokudai.ac.jp\/cerss_tmp\/?p=344"},"modified":"2024-02-29T00:35:17","modified_gmt":"2024-02-28T15:35:17","slug":"bank-risk-monetary-transmission-and-macroprudential-policy-%e9%8a%80%e8%a1%8c%e3%81%ae%e3%83%aa%e3%82%b9%e3%82%af%ef%bc%8c%e9%87%91%e8%9e%8d%e6%94%bf%e7%ad%96%e3%81%ae%e4%bc%9d%e6%92%ad%ef%bc%8c","status":"publish","type":"post","link":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/2021\/05\/21\/bank-risk-monetary-transmission-and-macroprudential-policy-%e9%8a%80%e8%a1%8c%e3%81%ae%e3%83%aa%e3%82%b9%e3%82%af%ef%bc%8c%e9%87%91%e8%9e%8d%e6%94%bf%e7%ad%96%e3%81%ae%e4%bc%9d%e6%92%ad%ef%bc%8c\/","title":{"rendered":"Bank Risk, Monetary Transmission, and Macroprudential Policy \u9280\u884c\u306e\u30ea\u30b9\u30af\uff0c\u91d1\u878d\u653f\u7b56\u306e\u4f1d\u64ad\uff0c\u304a\u3088\u3073\u30de\u30af\u30ed\u30d7\u30eb\u30fc\u30c7\u30f3\u30b9\u653f\u7b56\u306e\u5206\u6790"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u65e5\u6642\uff1a2021\u5e745\u670820\u65e5 \uff08\u6728\uff09 13:00-14:30<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5834\u6240\uff1a Zoom\u3067\u306e\u30aa\u30f3\u30e9\u30a4\u30f3\u958b\u50ac<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b9\u30d4\u30fc\u30ab\u30fc\uff1a\u4e94\u5341\u5d50\u6d0b\u4ecb (\u5317\u6d77\u9053\u5927\u5b66\u7d4c\u6e08\u5b66\u7814\u7a76\u9662\u30fb\u51c6\u6559\u6388)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u53c2\u52a0\u8005\uff1a14\u540d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a2\u30d6\u30b9\u30c8\u30e9\u30af\u30c8\uff1a<br>This paper investigates the influence of bank default and leverage<br>constraints in monetary and macroprudential policy prescriptions. For<br>that purpose, we build a New Keynesian model with banks who channel<br>funds from households to firms. They face endogenous leverage<br>constraints \u00e0 la Gertler and Kiyotaki (2010) and are subject to the<br>possibility of costly default.<br>We calibrate our model to the US economy and show that in the<br>decentralized equilibrium banks borrow more than the socially efficient<br>level. A macroprudential policy which limits bank leverage reduces the<br>risk of bank default and improves long-run welfare. In the short run,<br>&#8220;macroprudential-flavored&#8221; monetary policy can reduce financial<br>propagation by financial frictions by affecting bank shadow values while<br>countercyclical capital requirement is effective in stabilizing asset<br>prices. Our normative analysis shows that introducing countercyclicality<br>in bank capital requirement achieves only moderate welfare improvement<br>when monetary policy has been used to mitigate financial acceleration.<br>The jointly optimal policies suggest that policymakers should assign<br>countercyclical macroprudential role to monetary policy, and bank<br>capital requirement should focus on the level of prudence.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"567\" height=\"319\" src=\"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-content\/uploads\/2024\/02\/image-32.png\" alt=\"\" class=\"wp-image-345\" srcset=\"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-content\/uploads\/2024\/02\/image-32.png 567w, https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-content\/uploads\/2024\/02\/image-32-300x169.png 300w\" sizes=\"auto, (max-width: 567px) 100vw, 567px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"\u65e5\u6642\uff1a2021\u5e745\u670820\u65e5 \uff08\u6728\uff09 13:00-14:30 \u5834\u6240\uff1a Zoom\u3067\u306e\u30aa\u30f3\u30e9\u30a4\u30f3\u958b\u50ac \u30b9\u30d4\u30fc\u30ab\u30fc\uff1a\u4e94\u5341\u5d50\u6d0b\u4ecb (\u5317\u6d77\u9053\u5927\u5b66\u7d4c\u6e08\u5b66\u7814\u7a76\u9662\u30fb\u51c6\u6559\u6388) \u53c2\u52a0\u8005\uff1a14\u540d \u30a2\u30d6\u30b9\u30c8\u30e9\u30af\u30c8\uff1aThis p...","protected":false},"author":1,"featured_media":1493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[45],"class_list":["post-344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-43","tag-45"],"_links":{"self":[{"href":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-json\/wp\/v2\/posts\/344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-json\/wp\/v2\/comments?post=344"}],"version-history":[{"count":1,"href":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-json\/wp\/v2\/posts\/344\/revisions"}],"predecessor-version":[{"id":346,"href":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-json\/wp\/v2\/posts\/344\/revisions\/346"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-json\/wp\/v2\/media\/1493"}],"wp:attachment":[{"href":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-json\/wp\/v2\/media?parent=344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-json\/wp\/v2\/categories?post=344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lynx.let.hokudai.ac.jp\/cerss\/wp-json\/wp\/v2\/tags?post=344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}