The interaction between macroprudential and monetary policies: The cases of Norway and Sweden
Jin Cao (),
Valeriya Dinger (),
Ragnar Juelsrud () and
Xin Zhang ()
Additional contact information
Valeriya Dinger: University of Osnarbruck and and Leeds University Business School
Ragnar Juelsrud: Norges Bank
Xin Zhang: Research Department, Central Bank of Sweden, Postal: Sveriges Riksbank, SE-103 37 Stockholm, Sweden
No 392, Working Paper Series from Sveriges Riksbank (Central Bank of Sweden)
To shed light on the interaction between macroprudential and monetary policies, we study the inward transmission of foreign monetary policy in conjunction with domestic macroprudential and monetary policies in Norway and Sweden. Using detailed bank-level data we show how Norwegian and Swedish banks' lending reacts to monetary policy surprises arising abroad, controlling for the domestic macroprudential stance and the interaction between monetary and macroprudential policies. In both countries, the domestic macroprudential policy helps mitigate the effects arising after foreign monetary surprises.
Keywords: monetary policy; macroprudential policy; policy interactions; bank lending; inward transmission; international bank lending channel (search for similar items in EconPapers)
JEL-codes: E43 E52 E58 F34 F42 G21 G28 (search for similar items in EconPapers)
Pages: 49 pages
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:rbnkwp:0392
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