سیاست های پولی و کلان فساد در یک مدل تخمین زده شده با واسطه مالی

We estimate the Smets–Wouters model featuring the Gertler–Karadi banking sector on US data using real and financial observables. We investigate the gains from coordination between a flexible inflation targeting central bank and a macroprudential regulator charged with safeguarding financial stability. The potential gains from coordination depend on how much importance is given to the output gap in the macroprudential mandate. Coordination conflicts can be avoided by assigning similar importance to this common objective in the respective mandates of both policies. When we derive optimal mandates for monetary and macroprudential policy under no-coordination, we find that both policy makers should place a higher weight than society on the output gap.