Case-by-case analysis critical in deciding whether to 'lean against the wind'

Jeremy Stein

When considering whether to address financial stability issues either with regulation or with monetary policy, it is "critical to… really dig into the microeconomic details of the presumed market failure and to ask when a regulatory intervention is comparatively more efficient than a monetary one", the Federal Reserve's Jeremy Stein said in a speech in New York on Friday.

Stein also said he agreed there was "no general separation principle" for monetary policy and financial stability. "Monetary

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