Journal article

The Optimal Monetary Instrument for Prudential Purposes

Abstract:: The purpose of this paper is to assess the choice between adopting a monetary base or an interest rate setting instrument to maintain financial stability. Our results suggest that the interest rate instrument is preferable, since during times of a panic or financial crisis the Central Bank automatically satisfies the increased demand for money. Thus, it prevents sharp losses in asset values and enhanced asset volatility.

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APA Style

Tsomocos, D., Goodhart, C., & Sunirand, P. (2011). The Optimal Monetary Instrument for Prudential Purposes.

MLA Style

Tsomocos, D., et al. The Optimal Monetary Instrument for Prudential Purposes. 2011.

Chicago Style

Tsomocos, D, C Goodhart, and P Sunirand. 2011. “The Optimal Monetary Instrument for Prudential Purposes.”
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+ Tsomocos, D More by this author

Role:: Author

+ Goodhart, C More by this author

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+ Sunirand, P More by this author

Role:: Author

Publication date:: 2011-06-01

UUID:: uuid:70cf2d31-4619-4355-985e-1717de63bfe9
Local pid:: oai:eureka.sbs.ox.ac.uk:1848
Deposit date:: 2012-01-26

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Copyright date:: 2011

Licence:: Terms and Conditions of Use for Oxford University Research Archive

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