Survey results

• Malovaná, S., Hodula, M., Gric, Z., Bajzík, J. (2021): Macroprudential Policy in Central Banks: Integrated or Separate? Survey Among Academics and Central Bankers, CNB Research and Policy Note 4/2021, Czech National Bank
• Malovaná, S., Hodula, M., Gric, Z., Bajzík, J. (2021): Czech National Bank Survey on Macroprudential and Monetary Policy: Summary of the Results, June 2021 (pdf, 471 kB)
• Malovaná, S. (2021): Should central banks favour the objective of financial stability or the objective of price stability? Results of a survey among academics and central bankers – cnBlog, 22 June 2021

We collected 361 complete questionnaires, comprising experts from academia and central banks. Most respondents stated that they expect higher capital buffers to have a negative effect on bank lending in the short-term but minimal to no effect in the long-term. On the contrary, borrower-based measures are expected to have a negative effect on the provision of housing loans in the short and long term. Concerning the institutional arrangement, the vast majority of respondents acknowledge the significant benefits of keeping monetary and macroprudential policy "under one roof''. They also state that the two policies somewhat influence each other and believe that their coordination is very desirable. In addition, about 46% of respondents state that financial stability should be favoured over price stability in the event of a conflict between achieving the two objectives while only about 30% of respondents state that price stability should be favoured. Regarding systemic risks, vast majority of respondents state that a low interest rate environment contributes to a build-up of financial imbalances while more than a half of them consider monetary policy measures effective in mitigating existing systemic risks.