Interactions between monetary and macroprudential policies
分析了货币政策与宏观审慎政策之间的相互作用与权衡，探讨了在价格稳定与金融稳定目标冲突时如何协调，并讨论了低利率环境下两者的互动。
The article analyses the interactions and trade-offs between monetary and macroprudential policies. While both policy domains have their respective objectives, i.e., price stability for monetary policy and financial stability for macroprudential policy, they impinge on closely related variables, such as output, inflation and financial variables. Therefore, depending on the circumstances, the strategy of one policy-maker might either reinforce or undermine the effectiveness of the other’s. The article first defines the objectives and describes the transmission channels of both policies, and sets out the institutional framework in Belgium and the euro area. Coordination between the two domains may be advantageous at times when there are strong trade-offs between price and financial stability, for instance when facing a supply shock, making coordination more desirable but also more challenging. In addition, when the available macroprudential instruments are not proven to be sufficiently effective, or when financial imbalances are widespread throughout the economy, monetary policy might have to ´lean against the wind´, i.e., follow a somewhat tighter stance than justified by the price stability objective, in order to avoid the further build-up of financial imbalances. The article concludes with a discussion of the current interaction between monetary and macroprudential policies in the context of low nominal growth and low interest rates. Recent monetary policy measures, including the EAPP, contribute to safeguarding price and macroeconomic stability through the anchoring of inflation expectations. That, in turn, should also support financial stability. Nevertheless, risks to financial stability might emerge in the current prolonged period of low interest rates and abundant liquidity. Targeted sector- (or country-)specific macroprudential measures are to be preferred when dealing with the potential build-up of financial imbalances, such as within the insurance sector.