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From Monetary Policy to Macroprudentials: the Aftermath of the Great Recession

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  • Bilin Neyapti
Abstract
Monetary policy is about the determination of money stock and interest rates to affect economic activity in the short-, medium- and the long-term. Besides helping to eliminate recessionary or inflationary business cycles, controlling interest rates and value of money have important impact on economic prospects by way of affecting domestic and international transaction costs. From a normative perspective, the ultimate goal of monetary policy is to increase allocative and distributional efficiency that are, in theory, consistent with the price stability focus of the modern central banking practice. Low level and variability of inflation rates is necessary for investment and sustainable growth; provided that the benefits of growth are distributed equitably, it also contributes economic development.

Suggested Citation

  • Bilin Neyapti, 2016. "From Monetary Policy to Macroprudentials: the Aftermath of the Great Recession," BAFFI CAREFIN Working Papers 1629, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    • Handle: RePEc:baf:cbafwp:cbafwp1629
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    References listed on IDEAS

    as
    1. Charles A. E. Goodhart, 1995. "The Central Bank and the Financial System," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262071673, April.
    2. Bilin Neyapti, 2018. "Income distribution and economic crises," International Finance, Wiley Blackwell, vol. 21(3), pages 273-296, December.
    3. N. Nergiz Dincer & Barry Eichengreen, 2014. "Central Bank Transparency and Independence: Updates and New Measures," International Journal of Central Banking, International Journal of Central Banking, vol. 10(1), pages 189-259, March.
    4. C. A. E. Goodhart, 1995. "The Central Bank and the Financial System," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37915-2, October.
    5. Bilin Neyapti, 2013. "Turkey's experience with disinflation: where did all the welfare gains go?," Applied Economics Letters, Taylor & Francis Journals, vol. 20(7), pages 664-668, May.
    6. Bilin Neyapti, 2012. "Monetary institutions and inflation performance: cross-country evidence," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 15(4), pages 339-354, December.
    Full references (including those not matched with items on IDEAS)

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