BoE prize-winning research favours CCB over leaning against the wind
Authors from Lancaster University find credit spread-augmented Taylor rule damages welfare
The winners of a Bank of England research competition find using monetary policy to smooth the financial cycle – "leaning against the wind" – damages welfare, while a recent paper published by the Bank for International Settlements (BIS) finds some positive growth effects.
William Tayler and Roy Zilberman, lecturers at Lancaster University, won the BoE's inaugural research prize for their paper Macroprudential regulation, credit spreads and the role of monetary policy.
Introducing the authors
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