Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/266666 
Authors: 
Year of Publication: 
2021
Citation: 
[Journal:] Journal of Economic Surveys [ISSN:] 1467-6419 [Volume:] 36 [Issue:] 5 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2021 [Pages:] 1510-1538
Publisher: 
Wiley, Hoboken, NJ
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.
Subjects: 
asset bubbles
leaning against the wind
macroprudential policies
risk‐taking channel
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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