Synergies Between Monetary and Macroprudential Policies in Thailand

Author: Ichiro Fukunaga and Manrique Saenz

Volume/Issue: Volume 2020 Issue 083

Publication date: June 2020

ISBN: 9781513537023

$18.00

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Topics covered in this book

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Finance , Inflation , Economics- Macroeconomics , WP , monetary policy , loan , Taylor , housing loan , x inflation gap , Macroprudential policies , Lean-against-the-wind monetary policy rule , Dynamic stochastic general equilibrium model , Thailand , world interest rate , LTV rule , household LTV cap , Macroprudential policy instruments , Macroprudential policy , Financial sector stability , Housing , Inflation , monetary policy transmission , inflation stability , inflation gap , world interest rate shock

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Summary

A dynamic stochastic general equilibrium (DSGE) model tailored to the Thai economy is used to explore the performance of alternative monetary and macroprudential policy rules when faced with shocks that directly impact the financial cycle. In this context, the model shows that a monetary policy focused on its traditional inflation and output objectives accompanied by a well targeted counter-cyclical macroprudential policy yields better macroeconomic outcomes than a lean-against-the-wind monetary policy rule under a wide range of assumptions.