BIS paper finds more evidence backing ‘leaning against the wind'
The Bank for International Settlements (BIS) has put out a new working paper analysing whether Taylor rules augmented with asset prices and credit can improve upon a standard rule in terms of macroeconomic stabilisation in the context of a model that combines frictions on both the borrowers' and the lenders' side.
The paper, Should monetary policy lean against the wind? An analysis based on a DSGE model with banking, by Leonardo Gambacorta of the BIS, and Federico Signoretti of the Bank of Italy
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