English, Article, Journal or magazine article edition: The Optimal Monetary Instrument for Prudential Purposes Charles Goodhart; Dimitrios Tsomocos; Pojanart Sunirand

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Bookmark: http://trove.nla.gov.au/version/44834
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Optimal Monetary Instrument for Prudential Purposes
Author
  • Charles Goodhart
  • Dimitrios Tsomocos
  • Pojanart Sunirand
Physical Description
  • preprint
Notes
  • 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 automatically satisfies the increased demand for money. Thus, it prevents sharp losses in asset values and enhanced asset volatility.
  • RePEc:fmg:fmgdps:dp617
Language
  • English
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