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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
Linkages between monetary and regulatory policy: lessons from the crisis
Janet L. Yellen
Abstract

The crisis of the past two years has underscored the connections between monetary policy, which seeks to foster maximum employment and price stability, and regulatory policy, which works to protect the financial system. The two domains can't be regarded as separate. Researchers are currently examining ways in which monetary policy may play a role in managing systemic risk and regulatory policy may serve to promote macroeconomic goals. The following is adapted from a presentation made by the president and CEO of the Federal Reserve Bank of San Francisco to the Institute of Regulation & Risk, North Asia, in Hong Kong on November 17, 2009.


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Janet L. Yellen, "Linkages between monetary and regulatory policy: lessons from the crisis" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 36, 2009.
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Keywords: Monetary policy ; Bank supervision ; Financial market regulatory reform
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