The optimal monetary instrument for prudential purposes
The purpose of this paper is to assess the choice between adopting a monetary base or an interest rate setting instrument to maintain financial stability. Our results suggest that the interest rate instrument is preferable, since during times of a panic or financial crisis the Central Bank automati...
| Main Authors: | , , |
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| 格式: | Working paper |
| 出版: |
University of Oxford
2008
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