On the Interaction between Monetary and Macroprudential Policies

70 Pages Posted: 5 Mar 2021

See all articles by Alberto Martin

Alberto Martin

Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research (CEPR)

Caterina Mendicino

European Central Bank (ECB) - Directorate General Research

Alejandro Van der Ghote

European Central Bank (ECB) - Directorate General Research

Date Written: February 1, 2021

Abstract

The Global Financial Crisis fostered the design and adoption of macroprudential policies throughout the world. This raises important questions for monetary policy. What, if any, is the relationship between monetary and macroprudential policies? In particular, how does the effectiveness of macroprudential policies (or lack thereof) influence the conduct of monetary policy? This discussion paper builds on the insights of recent theoretical and empirical research to address these questions.

JEL Classification: E3, E44, G01, G21

Suggested Citation

Martin, Alberto and Mendicino, Caterina and Van der Ghote, Alejandro, On the Interaction between Monetary and Macroprudential Policies (February 1, 2021). ECB Working Paper No. 2021/2527, Available at SSRN: https://ssrn.com/abstract=3797147 or http://dx.doi.org/10.2139/ssrn.3797147

Alberto Martin (Contact Author)

Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) ( email )

Ramon Trias Fargas, 25-27
Barcelona, 08005
Spain

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Caterina Mendicino

European Central Bank (ECB) - Directorate General Research ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Alejandro Van der Ghote

European Central Bank (ECB) - Directorate General Research ( email )

Sonnemannstrasse 20
Frankfurt am Main, Hesse D-60314
Germany

HOME PAGE: http://https://sites.google.com/view/avanderghote/home

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