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.
| Identifer | oai:union.ndltd.org:DRESDEN/oai:qucosa:de:qucosa:93910 |
| Date | 30 September 2024 |
| Creators | Vollmer, Uwe |
| Publisher | Wiley-Blackwell |
| Source Sets | Hochschulschriftenserver (HSSS) der SLUB Dresden |
| Language | German |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, doc-type:article, info:eu-repo/semantics/article, doc-type:Text |
| Rights | info:eu-repo/semantics/openAccess |
| Relation | 0950-0804, 1467-6419, 10.1111/joes.12474 |
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