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Synergies Between Monetary and Macroprudential Policies in Thailand
Author:
Ichiro Fukunaga null

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Manrique Saenz null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2020: Issue 083
Language:
English
Publication Date:
05 Jun 2020
DOI:
https://doi.org/10.5089/9781513537023.001
ISBN:
9781513537023
ISSN:
1018-5941
Pages:
28
Keywords:
WP; monetary policy; loan; Taylor; housing loan; x inflation gap; Macroprudential policies; Lean-against-the-wind monetary policy rule; Dynamic stochastic general equilibrium model; Thailand; world interest rate; LTV rule; household LTV cap; Macroprudential policy instruments; Macroprudential policy; Financial sector stability; Housing; Inflation; monetary policy transmission; inflation stability; inflation gap; world interest rate shock
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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A dynamic stochastic general equilibrium (DSGE) model tailored to the Thai economy is used to explore the performance of alternative monetary and macroprudential policy rules when faced with shocks that directly impact the financial cycle. In this context, the model shows that a monetary policy focused on its traditional inflation and output objectives accompanied by a well targeted counter-cyclical macroprudential policy yields better macroeconomic outcomes than a lean-against-the-wind monetary policy rule under a wide range of assumptions.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund