Banque de France paper tests policy interactions


A working paper, published by the Banque de France on December 14, assesses the interaction of monetary and macro-prudential policy under different sets of circumstances.

The paper's authors, Fabrice Collard, Harris Dellas, Behzad Diba and Olivier Loisel, initially design a model where monetary policy cannot affect the risk appetite of banks because it affects high- and low-risk assets equally. In such a situation only macro-prudential policy should be changed, reducing risk-taking only enough

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