Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/232595
Authors: 
Cao, Jin
Dinger, Valeriya
Grodecka-Messi, Anna
Juelsrud, Ragnar Enger
Zhang, Xin
Year of Publication: 
2020
Series/Report no.: 
Sveriges Riksbank Working Paper Series No. 392
Abstract: 
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.
Subjects: 
monetary policy
macroprudential policy
policy interactions
bank lending
inward transmission
international bank lending channel
JEL: 
E43
E52
E58
F34
F42
G21
G28
Document Type: 
Working Paper

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