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Quantifying the Policy Mix in a Monetary Union with National Macroprudential Policies

Author

Listed:
  • Darracq Pariès, Matthieu
  • Rancoita, Elena
  • Kok, Christoffer

Abstract

In a monetary union, targeted national macroprudential policies can be necessary to address asymmetric financial developments that are outside the scope of the single monetary policy. This special feature discusses and, using a two-country structural model, provides some model-based illustrations of the strategic interactions between a single monetary policy and jurisdiction-specific macro-prudential policies. Counter-cyclical macro-prudential interventions are found to be supportive to monetary policy conduct through the cycle. This complementarity is significantly reinforced when there are asymmetric financial cycles across the monetary union. JEL Classification: G00

Suggested Citation

  • Darracq Pariès, Matthieu & Rancoita, Elena & Kok, Christoffer, 2015. "Quantifying the Policy Mix in a Monetary Union with National Macroprudential Policies," Financial Stability Review, European Central Bank, vol. 2.
    • Handle: RePEc:ecb:fsrart:2015:0002:4
    Note: 604093
    as

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    Citations

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    Cited by:

    1. Beyer, Andreas & Nicoletti, Giulio & Papadopoulou, Niki & Papsdorf, Patrick & Rünstler, Gerhard & Schwarz, Claudia & Sousa, João & Vergote, Olivier, 2017. "The transmission channels of monetary, macro- and microprudential policies and their interrelations," Occasional Paper Series 191, European Central Bank.
    2. Cassola, Nuno & Kok, Christoffer & Mongelli, Francesco Paolo, 2019. "The ECB after the crisis: existing synergies among monetary policy, macroprudential policies and banking supervision," Occasional Paper Series 237, European Central Bank.
    3. policy, Work stream on macroprudential & Policy, Monetary & Stability, Financial & Albertazzi, Ugo & Martin, Alberto & Assouan, Emmanuelle & Tristani, Oreste & Galati, Gabriele & Vlassopoulos, Thomas , 2023. "The role of financial stability considerations in monetary policy and the interaction with macroprudential policy in the euro area," Occasional Paper Series 272, European Central Bank.
    4. policy, Work stream on macroprudential & Albertazzi, Ugo & Martin, Alberto & Assouan, Emmanuelle & Tristani, Oreste & Galati, Gabriele & Vlassopoulos, Thomas, 2021. "The role of financial stability considerations in monetary policy and the interaction with macroprudential policy in the euro area," Occasional Paper Series 272, European Central Bank.

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