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A dynamic stochastic general equilibrium (DSGE) model tailored to the Thai economy is used to explore the performance of alternative monetary and macroprudential policy rules when faced with shocks that directly impact the financial cycle. In this context, the model shows that a monetary policy focused on its traditional inflation and output objectives accompanied by a well targeted counter-cyclical macroprudential policy yields better macroeconomic outcomes than a lean-against-the-wind monetary policy rule under a wide range of assumptions.

Finance: General --- Inflation --- Infrastructure --- Macroeconomics --- General Aggregative Models: Forecasting and Simulation --- Central Banks and Their Policies --- Financial Markets and the Macroeconomy --- General Financial Markets: Government Policy and Regulation --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Price Level --- Deflation --- Finance --- Macroprudential policy instruments --- Macroprudential policy --- Financial sector stability --- Financial sector policy and analysis --- National accounts --- Prices --- Economic policy --- Financial services industry --- Saving and investment --- Thailand