Macroprudential policy in central banks: Integrated or separate? Survey among academics and central bankers
We surveyed experts from academia, central banks and other regulatory institutions on the preferred institutional setup of macroprudential policy and the underlying interactions stemming from the conduct of monetary and macroprudential policy. We find substantial support for the integration setup, under which macroprudential policy is entrusted to the central bank and not to a separate institution. The most significant factors driving the respondents' views are the large degree of interdependence of the two policies, the potential information gains from keeping them 'under one roof', and a greater capability to resolve strategic conflicts. We identify non-negligible heterogeneity in the responses, especially in terms of respondents' age, managerial position and research orientation.
Year of publication: |
2022
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Authors: | Malovaná, Simona ; Hodula, Martin ; Gric, Zuzana ; Bajzík, Josef |
Publisher: |
Prague : Charles University in Prague, Institute of Economic Studies (IES) |
Subject: | central banking | expert survey | institutional arrangement | macroprudential policy | monetary policy |
Saved in:
freely available
Series: | IES Occasional Paper ; 1/2022 |
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Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Working Paper |
Language: | English |
Other identifiers: | 1801370532 [GVK] |
Classification: | C83 - Survey Methods; Sampling Methods ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies ; G21 - Banks; Other Depository Institutions; Mortgages ; G28 - Government Policy and Regulation |
Source: |
Persistent link: https://www.econbiz.de/10014540951