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Macrofinancial Modeling at Central Banks: Recent Developments and Future Directions

Author/Editor: Roger, Scott | Vlcek, Jan
Authorized for Distribution: January 1, 2012
Electronic Access: Free Full Text (PDF file size is 1,085KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This paper surveys dynamic stochastic general equilibrium models with financial frictions in use by central banks and discusses priorities for future development of such models for the purpose of monetary and financial stability analysis. It highlights the need to develop macrofinancial models which allow analysis of the macroeconomic effects of macroprudential policy tools and to evaluate elements of the Basel III reforms as a priority. The paper also reviews the main approaches to introducing financial frictions into general equilibrium models.
 
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Series: Working Paper No. 12/21
Subject(s): Central banks | Economic models | Monetary policy | Monetary transmission mechanism
Author's keyword(s): Monetary policy analysis | financial frictions | macroeconomic modeling
 
English  
    Published:   January 1, 2012        
            Format:   Paper
    Stock No:   WPIEA2012021   Pages:   38
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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