9  In fact, such a division of labour receives support from latest research conducted within the Macroprudential Research (MaRS) network of the European System of Central Banks. Under most circumstances it turns out that financial imbalances are better addressed by macroprudential policy measures (e.g., counter-cyclical loan-to-value ratios) rather than by a monetary policy “leaning against the wind”.
See Beau, D., L. Clerc, and B. Mojon (2011): “Macro-prudential policy and the conduct of monetary policy”, Banque De France, Occasional Papers No. 8, and Lambertini, L., C. Mendicino, and M. T. Punzi (2011): “Leaning against boombust cycles in credit and housing prices”, Banco de Portugal, Working Paper 8/11.