Roughly speaking, a “leaning against the wind” strategy can be seen as an unconditional monetary policy response to asset price changes. In contrast, a “more symmetric monetary policy” advocates a conditional policy response. 4  Ueda, K and F Valencia (2014), Central bank independence and macro-prudential regulation, Economics Letters, forthcoming.
5  Bean, C, Paustian, M, Penalver, A and T Taylor (2010), Monetary Policy after the Fall, Jackson Hole 2010 Symposium Proceedings, Federal Reserve Bank of Kansas City. 6  Angeloni, I and E Faia (2013), Capital Regulation and Monetary Policy with Fragile Banks, Journal of Monetary Economics 60 (3), pp. 311–324.