Central banks need to establish institutions that can manage the potential conflict between monetary and macro-prudential policy, to reach the objective of increased financial stability, according to Sayuri Shirai, member of the policy board at the Bank of Japan (BoJ).
The previous focus on macroeconomic policy was undermined by the global financial crisis, despite both low inflation and small output gaps globally, and consequently regulators globally have looked to increase their use of macro-p
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