首页    期刊浏览 2024年12月02日 星期一
登录注册

文章基本信息

  • 标题:Financial stability, wealth effects and optimal macroeconomic policy combination in the United Kingdom: A new-Keynesian dynamic stochastic general equilibrium framework
  • 本地全文:下载
  • 作者:Muhammad Ali Nasir ; Milton Yago ; Alaa M. Soliman
  • 期刊名称:Cogent Economics & Finance
  • 电子版ISSN:2332-2039
  • 出版年度:2016
  • 卷号:4
  • 期号:1
  • DOI:10.1080/23322039.2015.1136098
  • 出版社:Taylor and Francis Ltd
  • 摘要:

    This study derives an optimal macroeconomic policy combination for financial sector stability in the United Kingdom by employing a New Keynesian Dynamic Stochastic General Equilibrium (NK-DSGE) framework. The empirical results obtained show that disciplined fiscal and accommodative monetary policies stance is optimal for financial sector stability. Furthermore, fiscal indiscipline countered by contractionary monetary stance adversely affects financial sector stability. Financial markets, e.g. stocks and Gilts show a short-term asymmetric response to macroeconomic policy interaction and to each other. The asymmetry is a reflection of portfolio adjustment. However in the long-run, the responses to suggested optimal policy combination had homogenous effects and there was evidence of co-movement in the stock and Gilt markets.

  • 关键词:optimal policy ; financial markets ; wealth effects ; Bayesian estimation ; NK-DSGE model ; C11 ; E44 ; E61 ; G12
国家哲学社会科学文献中心版权所有