(2015) note that while the importance of coordination depends on the magnitude of the  externalities that each policy has on the other, how large these effects are is currently not well understood. Since the Bank is jointly responsible for both policies, these trade-offs should necessarily influence the settings of both monetary and macroprudential policies.
20 See a speech I gave in 2017, on “The value of forecasting in an uncertain world” (McDermott, 2017). 21 See Blinder (1998) for an excellent discussion of central bank independence and transparency.