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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 26 September 2021

Macroprudential Tools, Their Limits, and Their Connection with Monetary Policy

Macroprudential Tools, Their Limits, and Their Connection with Monetary Policy

Chapter:
(p.99) 10 Macroprudential Tools, Their Limits, and Their Connection with Monetary Policy
Source:
Progress and Confusion
Author(s):

Hyun Song Shin

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262034623.003.0010

The chapter discusses similarities and differences between macroprudential and monetary policy. Both policies affect the demand and the supply of credit, and a result, there can be some tension in moving these two sets of policies in opposite direction. One importance difference is that monetary policy is increasingly constrained by global financial conditions, especially in emerging markets. The chapter warns that while most macroprudential policies are aimed at the banking sector, future bouts of disruptions may happen elsewhere in the financial system, which would limit the effectiveness of the current toolkit.

Keywords:   macroprudential policy, monetary policy, global conditions, policy complementarity, financial landscape

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