A Safe-Asset Perspective for an Integrated Policy Framework*

Markus K. Brunnermeier, Sebastian Merkel, Yuliy Sannikov

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Borrowing from Brunnermeier and Sannikov (2016a; 2019) this policy paper sketches a policy framework for emerging market economies by mapping out the roles and interactions of monetary policy, macroprudential policies, foreign exchange interventions, and capital controls. Safe assets are central in a world in which financial frictions, distribution of risk, and risk premia are important elements. The paper also proposes a global safe asset for a more self-stabilizing global financial architecture.

Original languageEnglish (US)
Title of host publicationThe Asian Monetary Policy Forum
Subtitle of host publicationInsights for Central Banking
PublisherWorld Scientific Publishing Co.
Pages302-332
Number of pages31
ISBN (Electronic)9789811238628
ISBN (Print)9789811238611
DOIs
StatePublished - Jan 1 2021

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)
  • Business, Management and Accounting(all)

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