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  • Author or Editor: Mr. Roland Meeks x
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Lien Laureys, Mr. Roland Meeks, and Boromeus Wanengkirtyo
We reconsider the design of welfare-optimal monetary policy when financing frictions impair the supply of bank credit, and when the objectives set for monetary policy must be simple enough to be implementable and allow for effective accountability. We show that a flexible inflation targeting approach that places weight on stabilizing inflation, a measure of resource utilization, and a financial variable produces welfare benefits that are almost indistinguishable from fully-optimal Ramsey policy. The macro-financial trade-off in our estimated model of the euro area turns out to be modest, implying that the effects of financial frictions can be ameliorated at little cost in terms of inflation. A range of different financial objectives and policy preferences lead to similar conclusions.
Lien Laureys, Mr. Roland Meeks, and Boromeus Wanengkirtyo

We reconsider the design of welfare-optimal monetary policy when financing frictions impair the supply of bank credit, and when the objectives set for monetary policy must be simple enough to be implementable and allow for effective accountability. We show that a flexible inflation targeting approach that places weight on stabilizing inflation, a measure of resource utilization, and a financial variable produces welfare benefits that are almost indistinguishable from fully-optimal Ramsey policy. The macro-financial trade-off in our estimated model of the euro area turns out to be modest, implying that the effects of financial frictions can be ameliorated at little cost in terms of inflation. A range of different financial objectives and policy preferences lead to similar conclusions.

Mr. Luis Brandao-Marques, Marco Casiraghi, Mr. Gaston G Gelos, Gunes Kamber, and Mr. Roland Meeks

This paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.

Mr. Luis Brandao-Marques, Marco Casiraghi, Mr. Gaston G Gelos, Gunes Kamber, and Mr. Roland Meeks
Mr. Luis Brandao-Marques, Marco Casiraghi, Mr. Gaston G Gelos, Gunes Kamber, and Mr. Roland Meeks
Mr. Luis Brandao-Marques, Marco Casiraghi, Mr. Gaston G Gelos, Gunes Kamber, and Mr. Roland Meeks
This paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.