Monetary policy or macroprudential policies: What can tame the cycles?

Uwe Vollmer

15 citations0/0 files storedJournal of Economic Surveys

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Global Financial Crisis and Policies

Abstract

Abstract This survey systematizes the rapidly growing literature on the influence of monetary policy and macroprudential policy on the macroeconomy. It examines the impact of monetary policy on the financial cycle and asks how macroprudential instruments influence the efficiency of monetary policy. The questions of whether monetary policy should take account of the financial cycle and lean against the wind is also addressed. The literature review shows that monetary policy is not neutral for financial stability, but should not take into account the financial cycle because the costs probably outweigh the benefits.

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References

1993Discretion versus policy rules in practice 1976Econometric policy evaluation: A critique 1997Credit Cycles 1988Agency Costs, Net Worth, And Business Fluctuations 1997Financial Intermediation, Loanable Funds, and The Real Sector 2012Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008 2008Liquidity and leverage 2005House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle

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