Název: Economic Research Bulletin (2012, No.2)
Číslo části: No. 2, Vol. 10, November 2012
Název části: Financial Stability and Monetary Policy
Autoři: Česká národní banka
Typ dokumentu: Firemní tisk
ISSN: 1803-7089
Rok: 2012
Jazyk: eng
Abstrakt: The importance of analysing the interactions between financial stability and monetary policy and its effects on macroeconomic fluctuations has risen substantially during the current financial crisis. This edition of the Research Bulletin is focused on five articles which analyse these interactions from various angles. The first article examines the effect of tighter macroprudential and monetary policies on output. According to this research, in comparison to monetary policy, macroprudential policy may be less costly, as it has less adverse effects on bank earnings. The second article examines to what extent financial frictions matter for macroeconomic fluctuations. The results suggest that the effect of financial frictions on macroeconomic fluctuations is sizeable only when financial stress is sufficiently high. The third article focuses on the relation between central bank finances and inflation. The article concludes that central bank losses are unlikely to represent a threat to price stability. The fourth article examines whether low monetary policy rates may increase commercial banks’ risk-taking. It finds that too low an interest rate may lead to a build-up of long-term risks to financial stability, but a lower interest rate during the life of a loan reduces its riskiness. The fifth article examines the interactions between bank capital and bank liquidity creation. The results indicate that greater capital requirements are beneficial for financial stability but may have an adverse effect on bank liquidity creation.
Klíčová slova: centrální banka cedulová; ekonomický výzkum; makroekonomie; central bank of issue; central banks; Czech national bank; economic research; macroeconomics; macroeconomy
Práva: Dílo je chráněno podle autorského zákona č. 121/2000 Sb.

Instituce: Česká národní banka (web)
Externí umístění souboru: http://www.cnb.cz/en/research/research_publications/erb/index.html

Trvalý odkaz NUŠL: http://www.nusl.cz/ntk/nusl-135392


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Ostatní > Česká národní banka
Firemní literatura > Firemní tisk