Financial stability and monetary policy: happy marriage or untenable union?

FRBSF Economic Letter, 2014

Abstract: The very real and sizable costs of using monetary policy to deal with risks to financial stability?along with the uncertain benefits of doing so?argues for finding alternative tools with more favorable tradeoffs. Policymakers should study ways to design policy frameworks that support financial stability, with only a modest cost to macroeconomic goals and anchoring inflation expectations. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco at the conference ?Housing Markets and the Macroeconomy: Challenges for Monetary Policy and Financial Stability? in Eltville am Rhein, Germany, on June 5, 2014.

Date: 2014
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