Is a loan tax optimal in the presence of leaning against the loan wind policy?

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buir.advisorGürkaynak, Refet S.
dc.contributor.authorÇelik, Şiva
dc.date.accessioned2016-01-08T18:23:38Z
dc.date.available2016-01-08T18:23:38Z
dc.date.issued2013
dc.departmentDepartment of Economicsen_US
dc.descriptionAnkara : The Department of Economics, İhsan Doğramacı Bilkent University, 2013.en_US
dc.descriptionThesis (Master's) -- Bilkent University, 2013.en_US
dc.descriptionIncludes bibliographical references.en_US
dc.description.abstractThis thesis aims to figure out an optimal combination of monetary policy tools and macroprudential tools in order to maintain both financial stability and price stability. In particular, given that monetary policy authority already considers loan growth in its objective function, it asks whether an additional macroprudential tool, a loan tax, is welfare-improving. For this purpose, it constructs a simple New Keynesian Model with capital and banking sector. By incorporating loan growth in a loss function, monetary policy authority chooses the optimum weights and derives a Taylor-type interest rate rule, which could be also called as leaning against the credit winds. Then, it adds an endogenous tax rule and compares the minimum mean values of loss function. The result of simulations suggest that a tax rule that responses to deviations from steady state value of growth, inflation and loan growth leads lower loss values, thus, the inclusion of tax in the policy rule set is welfareimprovingen_US
dc.description.degreeM.A.en_US
dc.description.statementofresponsibilityÇelik, Şivaen_US
dc.format.extentix, 29 leavesen_US
dc.identifier.urihttp://hdl.handle.net/11693/15717
dc.language.isoEnglishen_US
dc.publisherBilkent Universityen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectFinancial Stabilityen_US
dc.subjectMacroprudential Policyen_US
dc.subjectTaylor-Type Interest Rate Ruleen_US
dc.subjectOptimal Monetary Policyen_US
dc.subjectLoan Taxen_US
dc.subjectCredit Boomen_US
dc.subject.lccHG230.3 .C45 2013en_US
dc.subject.lcshMonetary policy.en_US
dc.subject.lcshEconomic stabilization.en_US
dc.subject.lcshBanks and banking.en_US
dc.subject.lcshLoans.en_US
dc.subject.lcshCredits.en_US
dc.titleIs a loan tax optimal in the presence of leaning against the loan wind policy?en_US
dc.typeThesisen_US

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