Macro-prudential policy and the conduct of monetary policy
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Date
2014
Journal Title
Journal ISSN
Volume Title
Publisher
Banco Central de Chile
Abstract
Description
The 'Great Contraction' in global economic activity triggered by the financial crisis and the extraordinary fiscal and monetary measures that public authorities had to undertake in order to put the economy back on track by putting public finances under heavy strains and leading to extremely low short-term interest rates have shown the enormous costs resulting from an unstable financial system. Such costs have triggered wide-ranging reviews of financialstability policies. An important outcome of such a review is the strengthening of policies and instruments focused on macro-financial stability the so-called 'macro-prudential policies.'
Keywords
POLÍTICA MONETARIA, CRISIS FINANCIERA, TASAS DE INTERÉS