Canadian paper sees costs to leaning against the wind
Research estimates policy rate differences between ‘lean’ and ‘clean’ central banks
Taking financial stability risks into consideration when setting monetary policy could generate inflation and output costs for central banks, according to a working paper published by the Bank of Canada.
Monetary policy and financial stability: cross-country evidence by Christian Friedrich, Kristina Hess and Ross Cunningham, reviews the policy frameworks of 10 central banks in advanced economies between 2000 and 2014, assessing the effect of financial stability risks on their monetary policy
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