Monetary Policy and Financial Stability: Cross‐Country Evidence
构建金融稳定导向指数衡量央行对金融稳定风险的重视程度，发现高导向央行在风险上升时加息幅度比低导向央行高0.27个百分点，这降低了危机概率但伴随更低通胀和产出增长。
Abstract We explain the heterogeneous response of central banks to financial stability risks based on a financial stability orientation (FSO) index, which reflects statutory, regulatory, and discretionary components of central banks' monetary policy frameworks. Our baseline results from a cross‐country panel of modified Taylor rules suggest that central banks with a high FSO increase their policy rates in response to elevated financial stability risks by 0.27 percentage points more than central banks with a low orientation. Back‐of‐the‐envelope calculations suggest that this policy rate differential translates into a reduced crisis probability but also into considerably lower inflation and output growth rates.