{"id":"https://openalex.org/W2890855352","doi":"https://doi.org/10.3386/w16883","title":"Monetary Policy as Financial-Stability Regulation","display_name":"Monetary Policy as Financial-Stability Regulation","publication_year":2011,"publication_date":"2011-03-01","ids":{"openalex":"https://openalex.org/W2890855352","doi":"https://doi.org/10.3386/w16883","mag":"2890855352"},"language":"en","primary_location":{"id":"doi:10.3386/w16883","doi":"https://doi.org/10.3386/w16883","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w16883","pdf_url":"https://doi.org/10.3386/w16883","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w16883","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5109487336","display_name":"Jeremy C. Stein","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Jeremy Stein","raw_affiliation_strings":["Department of Economics Harvard University Littauer 209 Cambridge , MA 02138 and","Department of Economics Harvard University Littauer 209 Cambridge, MA 02138","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics Harvard University Littauer 209 Cambridge , MA 02138 and","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"Department of Economics Harvard University Littauer 209 Cambridge, MA 02138","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5109487336"],"corresponding_institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I136199984"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":153,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.5313000082969666,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.5313000082969666,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.2897999882698059,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.16110000014305115,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.8989999890327454},{"id":"https://openalex.org/keywords/financial-stability","display_name":"financial stability","score":0.875},{"id":"https://openalex.org/keywords/financial-crises","display_name":"financial crisis","score":0.5239999890327454},{"id":"https://openalex.org/keywords/money-creation","display_name":"money creation","score":0.6060000061988831},{"id":"https://openalex.org/keywords/bank-lending","display_name":"bank lending","score":0.42899999022483826},{"id":"https://openalex.org/keywords/short-term-debt","display_name":"short-term debt","score":0.7699999809265137},{"id":"https://openalex.org/keywords/open-market-operations","display_name":"open market operations","score":0.7429999709129333},{"id":"https://openalex.org/keywords/market-failure","display_name":"market failure","score":0.6890000104904175},{"id":"https://openalex.org/keywords/externalities","display_name":"externalities","score":0.6489999890327454},{"id":"https://openalex.org/keywords/central-bank-regulation","display_name":"central bank regulation","score":0.6069999933242798},{"id":"https://openalex.org/keywords/commercial-banks","display_name":"commercial banks","score":0.5669999718666077},{"id":"https://openalex.org/keywords/real-activity","display_name":"real activity","score":0.4959999918937683}],"concepts":[{"id":"https://openalex.org/C2992337254","wikidata":"https://www.wikidata.org/wiki/Q31275820","display_name":"Financial stability","level":2,"score":0.8100845813751221},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.6206034421920776},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.45737600326538086},{"id":"https://openalex.org/C112972136","wikidata":"https://www.wikidata.org/wiki/Q7595718","display_name":"Stability (learning theory)","level":2,"score":0.4570477306842804},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.43540656566619873},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4080039858818054},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3801749348640442},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.36244961619377136},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.15406179428100586},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3386/w16883","doi":"https://doi.org/10.3386/w16883","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w16883","pdf_url":"https://doi.org/10.3386/w16883","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"}],"best_oa_location":{"id":"doi:10.3386/w16883","doi":"https://doi.org/10.3386/w16883","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w16883","pdf_url":"https://doi.org/10.3386/w16883","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2890855352.pdf","grobid_xml":"https://content.openalex.org/works/W2890855352.grobid-xml"},"referenced_works_count":50,"referenced_works":["https://openalex.org/W70811963","https://openalex.org/W127090169","https://openalex.org/W163293550","https://openalex.org/W1483668169","https://openalex.org/W1491069747","https://openalex.org/W1552930036","https://openalex.org/W1564383129","https://openalex.org/W1567448068","https://openalex.org/W1579181972","https://openalex.org/W1780642988","https://openalex.org/W1805699599","https://openalex.org/W1828931101","https://openalex.org/W1975703787","https://openalex.org/W1999406276","https://openalex.org/W2000167201","https://openalex.org/W2000578291","https://openalex.org/W2007374379","https://openalex.org/W2019222975","https://openalex.org/W2029072467","https://openalex.org/W2047437177","https://openalex.org/W2080184288","https://openalex.org/W2087178224","https://openalex.org/W2095654999","https://openalex.org/W2098866542","https://openalex.org/W2103820029","https://openalex.org/W2108491286","https://openalex.org/W2115236753","https://openalex.org/W2117382068","https://openalex.org/W2124597406","https://openalex.org/W2129881428","https://openalex.org/W2130659611","https://openalex.org/W2133800243","https://openalex.org/W2134443358","https://openalex.org/W2140898820","https://openalex.org/W2144773399","https://openalex.org/W2149987483","https://openalex.org/W2157509893","https://openalex.org/W2188448308","https://openalex.org/W2527295642","https://openalex.org/W2605684248","https://openalex.org/W2606567091","https://openalex.org/W2739606184","https://openalex.org/W3121630491","https://openalex.org/W3123359344","https://openalex.org/W3124914565","https://openalex.org/W3124955107","https://openalex.org/W3125271900","https://openalex.org/W3139998473","https://openalex.org/W4254090008","https://openalex.org/W4289253469"],"related_works":["https://openalex.org/W7095730893","https://openalex.org/W7095805547","https://openalex.org/W2993587813","https://openalex.org/W2955746524","https://openalex.org/W2890079664","https://openalex.org/W2495192350","https://openalex.org/W2168740441","https://openalex.org/W7099142247","https://openalex.org/W1536396855","https://openalex.org/W2143145136"],"abstract_inverted_index":{"This":[0],"paper":[1],"develops":[2],"a":[3,20,66,107,128],"model":[4,24,111],"that":[5,34,143],"speaks":[6],"to":[7,30,41,58,86,99],"the":[8,23,26,54,73,110,146,149],"goals":[9],"and":[10,52,123,134],"methods":[11],"of":[12,115,148],"financial-stability":[13],"policies.There":[14],"are":[15,72,136,144],"three":[16],"main":[17],"points.First,":[18],"from":[19,106],"normative":[21],"perspective,":[22,109],"defines":[25],"fundamental":[27],"market":[28],"failure":[29],"be":[31,84,97],"addressed,":[32],"namely":[33],"unregulated":[35],"private":[36],"money":[37,142],"creation":[38],"can":[39,83,119],"lead":[40],"an":[42,113],"externality":[43],"in":[44,65,91,127],"which":[45],"intermediaries":[46],"issue":[47],"too":[48],"much":[49],"short-term":[50],"debt":[51],"leave":[53],"system":[55],"excessively":[56],"vulnerable":[57],"costly":[59],"financial":[60],"crises.Second,":[61],"it":[62,95],"shows":[63],"how":[64,116],"simple":[67],"economy":[68],"where":[69,130],"commercial":[70],"banks":[71],"only":[74],"lenders,":[75],"conventional":[76],"monetary-policy":[77],"tools":[78],"such":[79],"as":[80],"open-market":[81],"operations":[82],"used":[85],"regulate":[87],"this":[88],"externality,":[89],"while":[90],"more":[92],"advanced":[93],"economies":[94],"may":[96],"helpful":[98],"supplement":[100],"monetary":[101,117],"policy":[102,118],"with":[103],"other":[104,137],"measures.Third,":[105],"positive":[108],"provides":[112],"account":[114],"influence":[120],"bank":[121],"lending":[122],"real":[124],"activity,":[125],"even":[126],"world":[129],"prices":[131],"adjust":[132],"frictionlessly":[133],"there":[135],"transactions":[138],"media":[139],"besides":[140],"bank-created":[141],"outside":[145],"control":[147],"central":[150],"bank.":[151]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":5},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":6},{"year":2021,"cited_by_count":10},{"year":2020,"cited_by_count":11},{"year":2019,"cited_by_count":10},{"year":2018,"cited_by_count":5},{"year":2017,"cited_by_count":11},{"year":2016,"cited_by_count":14},{"year":2015,"cited_by_count":10},{"year":2014,"cited_by_count":13},{"year":2013,"cited_by_count":12},{"year":2012,"cited_by_count":23}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2018-09-27T00:00:00"}
