Monetary and macroprudential policies: a troubled marriage

Phurichai Rungcharoenkitkul

Chapter 8 in Central Banks and Supervisory Architecture in Europe, 2022, pp 83-95 from Edward Elgar Publishing

Abstract: This chapter looks back at the last decade to assess achievements and remaining challenges in safeguarding macro-financial stability. The rapid ascent of macroprudential policy to the mainstream equipped policymakers with a much-needed tool to accomplish the task. The risk now is that too much burden is placed on macroprudential policy, especially if monetary policy focuses too narrowly on near-term macroeconomic outcomes. Recent research provides increasing support for a more balanced marriage of the two tools, one that allows monetary policy to take a more medium-term approach with an eye on financial stability.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
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