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|a Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about "leaning against the wind" (LAW) along three lines. First, we evaluate the cost and benefits of LAW using the Svensson (2017) framework for the euro area and find that the costs outweigh the benefits. Second, we extend the framework to address a critique that Svensson does not consider the lower frequency financial cycle. Third, we use this extended framework to assess the costs and benefits of monetary and macroprudential policy. We find that macroprudential policy has net marginal benefits in addressing risks to financial stability in the euro area, whereas monetary policy has net marginal costs. This would suggest that an active use of macroprudential policies targeting financial stability risks would alleviate the burden on monetary policy to "lean against the wind".
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Kockerols, Thore, Kok Sørensen, Christoffer |
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Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about "leaning against the wind" (LAW) along three lines. First, we evaluate the cost and benefits of LAW using the Svensson (2017) framework for the euro area and find that the costs outweigh the benefits. Second, we extend the framework to address a critique that Svensson does not consider the lower frequency financial cycle. Third, we use this extended framework to assess the costs and benefits of monetary and macroprudential policy. We find that macroprudential policy has net marginal benefits in addressing risks to financial stability in the euro area, whereas monetary policy has net marginal costs. This would suggest that an active use of macroprudential policies targeting financial stability risks would alleviate the burden on monetary policy to "lean against the wind". |
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Frankfurt am Main, Germany, European Central Bank, [2019] |
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Frankfurt am Main, Germany: European Central Bank, [2019] |
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Finanzmarktaufsicht, Geldpolitik, Finanzmarkt, Konjunktur, Kosten-Nutzen-Analyse, Eurozone, EU-Staaten |
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Europäische Zentralbank, Working paper series, no 2223 (January 2019) |
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Kockerols, Thore VerfasserIn aut, Leaning against the wind macroprudential policy and the financial cycle Thore Kockerols, Christoffer Kok, Frankfurt am Main, Germany European Central Bank [2019], 1 Online-Ressource (circa 35 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2223 (January 2019), Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about "leaning against the wind" (LAW) along three lines. First, we evaluate the cost and benefits of LAW using the Svensson (2017) framework for the euro area and find that the costs outweigh the benefits. Second, we extend the framework to address a critique that Svensson does not consider the lower frequency financial cycle. Third, we use this extended framework to assess the costs and benefits of monetary and macroprudential policy. We find that macroprudential policy has net marginal benefits in addressing risks to financial stability in the euro area, whereas monetary policy has net marginal costs. This would suggest that an active use of macroprudential policies targeting financial stability risks would alleviate the burden on monetary policy to "lean against the wind"., 1.1\x Finanzmarktaufsicht (DE-627)091352533 (DE-2867)18728-2 stw, 1.2\x Geldpolitik (DE-627)09136230X (DE-2867)10382-3 stw, 1.3\x Finanzmarkt (DE-627)091359937 (DE-2867)13723-2 stw, 1.4\x Konjunktur (DE-627)091371635 (DE-2867)10338-6 stw, 1.5\x Kosten-Nutzen-Analyse (DE-627)091372348 (DE-2867)11529-1 stw, 1.6\x Eurozone (DE-627)091358566 (DE-2867)19336-0 stw, 1.7\x EU-Staaten (DE-627)091358639 (DE-2867)17983-5 stw, Kok Sørensen, Christoffer VerfasserIn (DE-588)1025155890 (DE-627)721343929 (DE-576)370015614 aut, Europäische Zentralbank Working paper series no 2223 (January 2019) 222300 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, http://dx.doi.org/10.2866/744981 Resolving-System kostenfrei Volltext, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2223.en.pdf Verlag kostenfrei Volltext, http://hdl.handle.net/10419/208257 Resolving-System kostenfrei, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2223.en.pdf LFER, LFER 2019-05-07T00:00:00Z |
| spellingShingle |
Kockerols, Thore, Kok Sørensen, Christoffer, Leaning against the wind: macroprudential policy and the financial cycle, Europäische Zentralbank, Working paper series, no 2223 (January 2019), Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about "leaning against the wind" (LAW) along three lines. First, we evaluate the cost and benefits of LAW using the Svensson (2017) framework for the euro area and find that the costs outweigh the benefits. Second, we extend the framework to address a critique that Svensson does not consider the lower frequency financial cycle. Third, we use this extended framework to assess the costs and benefits of monetary and macroprudential policy. We find that macroprudential policy has net marginal benefits in addressing risks to financial stability in the euro area, whereas monetary policy has net marginal costs. This would suggest that an active use of macroprudential policies targeting financial stability risks would alleviate the burden on monetary policy to "lean against the wind"., Finanzmarktaufsicht, Geldpolitik, Finanzmarkt, Konjunktur, Kosten-Nutzen-Analyse, Eurozone, EU-Staaten |
| title |
Leaning against the wind: macroprudential policy and the financial cycle |
| title_auth |
Leaning against the wind macroprudential policy and the financial cycle |
| title_full |
Leaning against the wind macroprudential policy and the financial cycle Thore Kockerols, Christoffer Kok |
| title_fullStr |
Leaning against the wind macroprudential policy and the financial cycle Thore Kockerols, Christoffer Kok |
| title_full_unstemmed |
Leaning against the wind macroprudential policy and the financial cycle Thore Kockerols, Christoffer Kok |
| title_in_hierarchy |
no 2223 (January 2019). Leaning against the wind: macroprudential policy and the financial cycle ([2019]) |
| title_short |
Leaning against the wind |
| title_sort |
leaning against the wind macroprudential policy and the financial cycle |
| title_sub |
macroprudential policy and the financial cycle |
| title_unstemmed |
Leaning against the wind: macroprudential policy and the financial cycle |
| topic |
Finanzmarktaufsicht, Geldpolitik, Finanzmarkt, Konjunktur, Kosten-Nutzen-Analyse, Eurozone, EU-Staaten |
| topic_facet |
Finanzmarktaufsicht, Geldpolitik, Finanzmarkt, Konjunktur, Kosten-Nutzen-Analyse, Eurozone, EU-Staaten |
| url |
http://dx.doi.org/10.2866/744981, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2223.en.pdf, http://hdl.handle.net/10419/208257 |
