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Monetary policy and macroprudential policy: Different and separate?

Lars Svensson ()

Canadian Journal of Economics/Revue canadienne d'économique, 2018, vol. 51, issue 3, 802-827

Abstract: The paper discusses how monetary and macroprudential policies 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 they can be coordinated when desired. The institutional frameworks in Canada, Sweden and the UK are briefly compared. 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. Politique monétaire et politique macro prudentielle : différente et séparée? Ce mémoire se demande comment on peut distinguer les politiques monétaire et macro‐prudentielle, comment on peut déterminer les objectifs de ces deux politiques, si ces deux politiques ont un meilleur impact séparément ou coordonnées, et mises en œ uvre par la même ou différentes autorités, et comment on peut les coordonner quand on le désire. On compare succinctement les cadres institutionnels du Canada, de la Suède, et du Royaume‐Uni. La politique monétaire suédoise va fortement à contre‐courant, et le virage subséquent de la politique est résumé, ainsi que les coûts et avantages de cette stratégie.

Date: 2018
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https://doi.org/10.1111/caje.12345

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Journal Article: Monetary policy and macroprudential policy: Different and separate? (2018) Downloads
Working Paper: Monetary Policy and Macroprudential Policy: Different and Separate? (2018) Downloads
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