BIS economists model benefits of leaning against the wind

The Bank for International Settlements, Basel
The BIS tower. Photo: Ulrich Roth
Photo: Ulrich Roth

Two economists at the Bank for International Settlements (BIS) have added evidence in favour of leaning against the wind, showing how the policy can generate benefits by way of a regime-switching model.

Andrew Filardo and Phurichai Rungcharoenkitkul build an endogenous financial cycle into their model in the working paper A quantitative case for leaning against the wind, published today (December 9) by the BIS. Imbalances build up in the boom period, eventually causing the economy to switch into

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