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Monetary Policy, Financial Conditions, and Financial Stability

Author

Listed:
  • Tobias Adrian

    (International Monetary Fund)

  • Nellie Liang

    (Brookings Institution)

Abstract
We review a growing literature that incorporates endogenous risk premiums and risk-taking in the conduct of monetary policy. Accommodative policy can create an intertemporal tradeoff between improving current financial conditions at a cost of increasing future financial vulnerabilities. In the United States, structural and cyclical macroprudential tools to reduce vulnerabilities at banks are being implemented, but may not be sufficient because activities can migrate and there are limited tools for non-bank intermediaries or for borrowers. While monetary policy itself can influence vulnerabilities, its efficacy as a tool will depend on the costs of tighter policy on activity and inflation. We highlight how adding a risk-taking channel to traditional transmission channels could significantly alter a cost-benefit calculation for using monetary policy, and that considering risks to financial stability—as downside risks to employment—is consistent with the dual mandate.

Suggested Citation

  • Tobias Adrian & Nellie Liang, 2018. "Monetary Policy, Financial Conditions, and Financial Stability," International Journal of Central Banking, International Journal of Central Banking, vol. 14(1), pages 73-131, January.
    • Handle: RePEc:ijc:ijcjou:y:2018:q:0:a:3
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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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