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Linkages between monetary and regulatory policy: lessons from the crisis


  • Janet L. Yellen


The crisis of the past two years has underscored the connections between monetary policy, which seeks to foster maximum employment and price stability, and regulatory policy, which works to protect the financial system. The two domains can't be regarded as separate. Researchers are currently examining ways in which monetary policy may play a role in managing systemic risk and regulatory policy may serve to promote macroeconomic goals. The following is adapted from a presentation made by the president and CEO of the Federal Reserve Bank of San Francisco to the Institute of Regulation & Risk, North Asia, in Hong Kong on November 17, 2009.

Suggested Citation

  • Janet L. Yellen, 2009. "Linkages between monetary and regulatory policy: lessons from the crisis," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue nov23.
  • Handle: RePEc:fip:fedfel:y:2009:i:nov23:n:2009-36

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    References listed on IDEAS

    1. Eileen Mauskopf & Jeffrey C. Fuhrer & Peter A. Tinsley, 1990. "The transmission channels of monetary policy: how have they changed?," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Dec, pages 985-1008.
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