Even if monetary policy and macroprudential policy are considered to be complementary to each other in the long run, depending on the economic phase, there may be cases in which asset prices surge under low inflation.
Therefore, in the short run, where there is a trade-off between price stability and financial system stability, the question over which one a central bank should place greater emphasis on when taking action may well become an issue of debate. One approach to that issue would be a policy framework based on a dictionary-like ordering.