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La relación entre política monetaria y política de estabilización financiera

Lars Svensson ()

Journal Economía Chilena (The Chilean Economy), 2018, vol. 21, issue 2, 082-106

Abstract: The paper discusses how monetary and financial-stability policies are related, how they can be distinguished, how appropriate goals for the two policies can be determined, whether the policies are best conducted separately or coordinately and by the same or different authorities, and how the policies can be coordinated when desired. The Swedish example of monetary policy strongly “leaning against the wind” and the subsequent policy turnaround is summarized, as well as what estimates have been found of the costs and benefits of leaning against the wind.

Date: 2018
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Journal Economía Chilena (The Chilean Economy) is currently edited by Roberto Alvarez, Miguel Fuentes and Claudio Raddatz

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