Monetary and financial stability in the euro area: Pro-cyclicality versus trade-off

Journal of International Financial Markets, Institutions and Money

Volumn 19, Issue 4, 2009, Pages 662-674

  Granville, Brigitte ^a   Mallick, Sushanta ^a  

^a QUEEN MARY UNIVERSITY OF LONDON   (United Kingdom)

Author keywords

EMU; Financial stability; Monetary policy; Monetary stability; VAR sign restriction

Indexed keywords

EID: 67349091722     PISSN: 10424431     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.intfin.2008.11.002     Document Type: Article

References (27)

1. Alesina A., and Perotti R. The European union: a politically incorrect view. Journal of Economic Perspectives 18 4 (2004) 27-48
2. Allen W.A., and Wood G.E. Defining and achieving financial stability. Journal of Financial Stability 2 (2006) 152-172
3. Bernanke, B., Gertler, M., Gilchrist, S. The financial accelerator in a quantitative business cycle framework. NBER Working Paper 6455 (March), 1998.
4. Bernanke B.S., and Kuttner K.N. What explains the stock market's reaction to Federal Reserve policy?. The Journal of Finance 60 3 (2005) 1221-1257
5. Borio C. Monetary and financial stability: here to stay?. Journal of Banking and Finance 30 12 (2006) 3407-3414
6. Borio, C., English, B., Filardo, A. A tale of two perspectives: old or new challenges for monetary policy? BIS Working Papers (127) 2003.
7. Borio, C., Lowe, P. Asset prices, financial and monetary stability: exploring the nexus. BIS Working Papers (114) 2002.
8. Cook T., and Hahn T. The effects of changes in the Federal funds rate target on market interest rates in the 1970s. Journal of Monetary Economics 24 (1989) 331-351
9. Dedola L., and Neri S. What does a technology shock do? A VAR analysis with model-based sign restrictions. Journal of Monetary Economics 54 2 (2007) 512-549
10. De Graeve, F., Kick, T.K., Koetter, M. Monetary policy and financial (in)stability: an integrated micro-macro approach. SSRN, 2007.
11. Gertler M. Financial structure and aggregate economic activity: an overview. Journal of Money, Credit, and Banking 20 2 (1988) 559-588
12. Goodhart C. A framework for assessing financial stability?. Journal of Banking and Finance 30 (2006) 3415-3422
13. Goodhart C., Sunirand P., and Tsomocos D. A model to analyse financial fragility. Economic Theory 27 (2006) 107-142
14. Honda Y., and Kuroki Y. Financial and capital markets' responses to changes in the central bank's target interest rate: the case of Japan. The Economic Journal 116 July (2006) 812-842
15. Houben, A., Kakes, J., Schinasi, G.J. Toward a framework for safeguarding financial stability. IMF Working Paper WP/04/101, 2004.
16. Kahn, C.M., Santos, C.J.A. Allocating lending of last resort and supervision in the euro area. The euro and dollarization: forms of monetary union in Integrating Regions, The Graduate School of Business of Fordham University, 2002.
17. Kindleberger C. Manias, Panics and Crashes: A History of Financial Crises. 3rd ed. (1996), John Wiley & Sons, Inc., New York
18. Kuttner K.N. Monetary policy surprises and interest rates: evidence from the Fed funds futures rate. Journal of Monetary Economics 47 (2001) 523-544
19. Laopodis N.T. Monetary policy implications of comovements among long-term interest rates. Journal of International Financial Markets, Institutions and Money 14 2 (2004) 135-164
20. Minsky H.P. Financial instability hypothesis. In: Arestis P., and Sawyer M. (Eds). The Elgar Companion to Radical Political Economy (1994), Edward Elgar, Brookfield, VT 153-158
21. Mishkin F.S. Global financial instability: framework, events, issues. The Journal of Economic Perspectives 13 4 Fall (1999) 3-20
22. Papademos L. Policy-making in EMU: strategies, rules and discretion. Economic Theory 27 1 (2006) 25-38
23. Poloz S.S. Financial stability: a worthy goal, but how feasible?. Journal of Banking and Finance 30 (2006) 3423-3427
24. Romer D. Keynesian macroeconomics without the LM Curve. Journal of Economic Perspectives 14 (2000) 149-169
25. Rudebusch G.D. Federal reserve interest rate targeting, rational expectations and the term structure. Journal of Monetary Economics 35 (1995) 245-274
26. Uhlig H. What are the effects of monetary policy on output? Results from an agnostic identification procedure. Journal of Monetary Economics 52 2 (2005) 381-419
27. White, W.R. Is price stability enough? BIS Working Papers, No 205, Monetary and Economic Department, BIS: Basel, Switzerland, 2006.