Browsing Arbeidsnotater / Working Papers by Subject "financial cycle"
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Leaning against persistent financial cycles with occasional crises
(Working Paper;11/2021, Working paper, 2021)Should central banks use leaning against the wind (LAW)-type monetary or macroprudential policy to address risks to financial stability? We first assess LAW as a one-off (nonsystematic) policy using an estimated large-scale ... -
“Leaning Against the Wind”, Macroprudential Policy and the Financial Cycle
(Working Paper;1/2019, Working paper, 2019)Should monetary policy lean against financial stability risks? This has been a subject of fierce debate over the last decades. We contribute to the debate about “leaning against the wind” (LAW) along three lines. First, ...