Toward a joined-up research agenda for central banks

Presentation by Mr Hyun Song Shin, Economic Adviser and Head of Research of the BIS, at the Bank of England "One Bank Research Agenda" Launch Conference, London, 25 February 2015.

BIS speech  | 
25 February 2015

Arriving at an integrated research agenda for central banks entails finding the common elements that runs through the monetary policy and financial stability mandates of the central bank. The risk-taking channel of monetary policy is one of those elements. The risk-taking channel addresses the importance of shifts in the risk premium for the transmission of monetary policy to the real economy. Financial stability, then, is not a separate area of concern, but just the flip side to the transmission of monetary policy.