Monetary and Macro-Prudential Policies: An Integrated Analysis * Gianluca Benigno London School of Economics Huigang Chen MarketShare Partners Christopher Otrok University of Missouri and Federal Reserve Bank of St Louis Alessandro Rebucci Inter-American Development Bank Eric R. Young University of Virginia First Draft: September 2011; This Draft: July 24, 2012. * Paper prepared for the IMF Twelfth Jacques Polak Annual Research Conference. We are grateful to our discussant (Olivier Jeanne), Pierre-Olivier Gourinchas, Ayhan Kose, and Stijn Claessens, and to the conference participants for comments and discussions on an earlier draft of the paper. All remaining errors are responsibility of the authors. The views expressed in this paper are exclusively those of the authors and not those of the Inter-American Development Bank, Federal Reserve Bank of St Louis or MarketShare Partners. 1