A Welfare Analysis of Macroprudential Policy Rules in the Euro Area - HAL-SHS - Sciences de l'Homme et de la Société
Article Dans Une Revue Revue d'économie politique Année : 2016

A Welfare Analysis of Macroprudential Policy Rules in the Euro Area

Résumé

In an estimated DSGE model of the European Monetary Union that accounts for financial differences between core and peripheral countries, we find that country-adjusted macroprudential measures lead to significant welfare gains with respect to a uniform macroprudential policy rule that reacts to union wide financial developments. However, peripheral countries are the winners from the implementation of macroprudential measures while core countries incur welfare losses, thus questioning the interest of adopting coordinated macroprudential measures with peripheral countries.
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Dates et versions

halshs-01315085 , version 1 (12-05-2016)
halshs-01315085 , version 2 (17-10-2016)

Identifiants

  • HAL Id : halshs-01315085 , version 1

Citer

Jean-Christophe Poutineau, Gauthier Vermandel. A Welfare Analysis of Macroprudential Policy Rules in the Euro Area. Revue d'économie politique, 2016, 127 (3). ⟨halshs-01315085v1⟩
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