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Macroprudential Policies and Financial Stability

Hallett, Andrew; Libich, Jan; Stehlik, Petr


This article attempts to assess to what extent the central bank or the government should respond to developments that can cause financial instability, such as housing or asset bubbles, overextended budgetary policies or excessive public and household debt. To analyse this question, we set up a simple reduced-form model in which monetary and fiscal policy interact, and imbalances (bubbles) can occur in the medium-run. Considering several scenarios with both benevolent and idiosyncratic...[Show more]

CollectionsANU Research Publications
Date published: 2011
Type: Journal article
Source: The Economic Record
DOI: 10.1111/j.1475-4932.2010.00692.x


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