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Financial Stability and Monetary Policy
Social Science Research Network
The paper gives an overview over issues concerning the role of financial stability in monetary policy. Historically, financial stability has figured highly among central banks' objectives, with policy measures ranging from interest rate stabilization to serving as a lender of the last resort. With the ascent of macroeconomics, these traditional tasks of central banks have been displaced by macroeconomic objectives, price stability, full employment, growth. The financial crisis has shifted thedoi:10.2139/ssrn.2639532 fatcat:wdxjrqmofnfojpwqn6pvonhw2m