Is Bank Supervision Central to Central Banking?
发现，保密的银行监管信息能帮助美联储更准确预测宏观经济变量，并被联邦公开市场委员会用于指导货币政策，表明监管职责与货币政策之间存在互补性。
Recently, several central banks have lost their bank supervisory responsibilities, in part because it has not been shown that supervisory authority improves the conduct of monetary policy. This paper finds that confidential bank supervisory information could help the Board staff more accurately forecast important macroeconomic variables and is used by FOMC members to guide monetary policy. These findings suggest that the complementarity between supervisory responsibilities and monetary policy should be an important consideration when evaluating the structure of the central bank.