Monetary Policy and Macroprudential Policy: New Evidence from a World Panel of Countries
利用127个国家的数据，研究央行是否应“逆风而行”以及如何将宏观审慎政策与货币政策结合，发现宏观审慎问题对有效实施货币政策很重要，且工具类型影响效果。
Abstract The event of the recent financial crisis raises the question of whether policy makers could have done more or something different to prevent the build‐up of financial imbalances. This paper contributes to the field of regulatory impact by tackling the debate on whether central banks should ‘lean against the wind’, while in case the response is positive, how macroprudential policies should be combined with monetary policy. Using an augmented Taylor rule and a sample of 127 global economies, the results provide evidence on the importance of macroprudential issues for the implementation of an effective monetary policy. They also document that the type of adopted macroprudential instrument has a substantial effect on such effectiveness, with this policy mix being less ‘integrated’ when the monetary rule aims at primarily safeguarding inflation stability. The results survive robustness checks under alternative assets.