Svensson launches fresh attack on leaning against the wind

Lars Svensson
Lars Svensson
Nils S. Aasheim, Norges Bank

Lars Svensson has relaunched his attack on the policy of ‘leaning against the wind’, publishing a new paper that finds the costs of the policy far outweigh the benefits.

Leaning against the wind (Law), or using monetary policy to meet financial stability goals, is generally unpopular among central banks. Many fear the costs of the policy are too high, in line with Svensson’s result. However, the policy does have some major proponents, notably at the Bank for International Settlements.


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