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Shaping the financial cycle through monetary policy
Financial cycles, characterized by long-term fluctuations in credit and house prices, have profound implications for macro-financial stability. This study explores how systematic monetary policy can shape these cycles, offering insights into its potential to mitigate financial instability. Using U.S. data, we demonstrate that monetary policy can dampen financial cycles, particularly by counteracting house price movements, and show that such an approach could have significantly reduced the volatility of the U.S. housing market during the 2000s. As central banks increasingly incorporate financial stability into their mandates, this research provides a valuable framework for understanding the interplay between monetary policy and financial cycles.
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