Monetary policy and macroprudential policy: Different and separate?
本文探讨了货币政策与宏观审慎政策的区别、各自目标、是否应分开或协调执行，以及如何协调。比较了加拿大、瑞典和英国的制度框架，并总结了瑞典“逆风干预”政策的成本收益估算。
Abstract The paper discusses how monetary and macroprudential policies can be distinguished, how appropriate goals for the two policies can be determined, whether the policies are best conducted separately or coordinately and by the same or different authorities and how they can be coordinated when desired. The institutional frameworks in Canada, Sweden and the UK are briefly compared. The Swedish example of monetary policy strongly “leaning against the wind” and the subsequent policy turnaround is summarized, as well as what estimates have been found of the costs and benefits of leaning against the wind.