The Resource Monetary Policy, Market Excesses and Financial Turmoil, Rudiger Ahrend, Boris Cournède and Robert Price, (electronic resource)

Monetary Policy, Market Excesses and Financial Turmoil, Rudiger Ahrend, Boris Cournède and Robert Price, (electronic resource)

Label
Monetary Policy, Market Excesses and Financial Turmoil
Title
Monetary Policy, Market Excesses and Financial Turmoil
Statement of responsibility
Rudiger Ahrend, Boris Cournède and Robert Price
Creator
Contributor
Subject
Language
eng
Summary
This paper addresses the question of whether and how monetary policy ease may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates have been persistently and significantly below what Taylor rules would prescribe are correlated with increases in asset prices, especially as regards housing, though no systematic effects are identified on equity markets. Significant asset price increases, however, can also occur when interest rates are in line with Taylor rules, associated with periods of financial deregulation and/or innovation. The paper argues that accommodating monetary policy over the period 2002-2005, in combination with rapid financial market innovation, would seem in retrospect to have been among the factors behind the run-up in asset prices and consequent financial imbalances -- the (partial) unwinding of which helped trigger the 2007 financial market turmoil. Moreover, the paper points out that in certain situations policy rates may be a rather blunt tool for dealing with both the build-up and aftermath of financial imbalances, raising the question whether "macro-prudential" regulation could be useful
Member of
Cataloging source
FR-PaOEC
http://library.link/vocab/creatorName
Ahrend, Rudiger
Government publication
international or intergovernmental publication
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
  • Cournede, Boris
  • Price, Robert
Series statement
OECD Economics Department Working Papers,
Series volume
no.597
http://library.link/vocab/subjectName
Economics
Label
Monetary Policy, Market Excesses and Financial Turmoil, Rudiger Ahrend, Boris Cournède and Robert Price, (electronic resource)
Instantiates
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
762085873
Dimensions
21 x 30 cm
Extent
1 online resource 17 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/244200148201
Specific material designation
remote
System control number
(OCoLC)762085873
Label
Monetary Policy, Market Excesses and Financial Turmoil, Rudiger Ahrend, Boris Cournède and Robert Price, (electronic resource)
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
762085873
Dimensions
21 x 30 cm
Extent
1 online resource 17 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/244200148201
Specific material designation
remote
System control number
(OCoLC)762085873

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