Monetary policy or macroprudential policies: What can tame the cycles?
这篇综述梳理了货币政策和宏观审慎政策对宏观经济影响的研究，探讨了货币政策对金融周期的作用以及宏观审慎工具如何影响货币政策效率，并讨论了货币政策是否应关注金融周期。
Abstract This survey systematizes the rapidly growing literature on the influence of monetary policy and macroprudential policy on the macroeconomy. It examines the impact of monetary policy on the financial cycle and asks how macroprudential instruments influence the efficiency of monetary policy. The questions of whether monetary policy should take account of the financial cycle and lean against the wind is also addressed. The literature review shows that monetary policy is not neutral for financial stability, but should not take into account the financial cycle because the costs probably outweigh the benefits.