FOMC minutes: Costs of leaning against the wind typically outweigh benefits

FOMC April 26-27 minutes on the relationship between monetary policy and financial stability (pp. 2-3):

Most participants judged that the benefits of using monetary policy to address threats to financial stability would typically be outweighed by the costs associated with deviations from the Committee’s employment and price-stability objectives induced by such actions; some also noted that the benefits are highly uncertain.

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The rationale for macroprudential policy

The Rationale for Macroprudential Policy,” slides for opening speech at the First Annual ECB Macroprudential Policy and Research Conference, April 26-27, 2016.

Background paper 1. “Monetary policy and macroprudential policy: Different and separate.”
Background paper 2. “Cost-Benefit Analysis of Leaning Against the Wind : Are Costs Larger Also with Less Effective Macroprudential Policy?

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