A Safe-Asset Perspective for an Integrated Policy Framework*

Markus K. Brunnermeier; Sebastian Merkel; Yuliy Sannikov

doi:10.1142/9789811238628_0008

A Safe-Asset Perspective for an Integrated Policy Framework^*

Markus K. Brunnermeier, Sebastian Merkel, Yuliy Sannikov

Research output: Chapter in Book/Report/Conference proceeding › Chapter

3 Scopus citations

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 language	English (US)
Title of host publication	The Asian Monetary Policy Forum
Subtitle of host publication	Insights for Central Banking
Publisher	World Scientific Publishing Co.
Pages	302-332
Number of pages	31
ISBN (Electronic)	9789811238628
ISBN (Print)	9789811238611
DOIs	https://doi.org/10.1142/9789811238628_0008
State	Published - Jan 1 2021

All Science Journal Classification (ASJC) codes

General Economics, Econometrics and Finance
General Business, Management and Accounting

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10.1142/9789811238628_0008

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AB - 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.

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A Safe-Asset Perspective for an Integrated Policy Framework^*

Abstract

All Science Journal Classification (ASJC) codes

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