What Do We Know About the Effects of Macroprudential Policy

Bibliographic Data

ID9728107
AuthorsGabriele Galati (0000-0002-0475-7188, De Nederlandsche Bank), Richhild Moessner (0000-0002-0836-9246, De Nederlandsche Bank and Bank for International Settlements)
Year2018
Volume85
Issue340
Pages735-770
Publication date2018-10-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueEconomica (JOURNAL)
Journal identifiersISSN: 0013-0427 • E-ISSN: 1468-0335
PublisherWiley (PUBLISHER • GB)
DOI10.1111/ecca.12229
OpenAlexW3124616092
LanguageEN
Citations received10
References cited111

The literature on the effectiveness of macroprudential policy tools is still in its infancy and has so far provided only limited guidance for policy decisions. In recent years, however, increasing efforts have been made to fill this gap. Progress has been made in embedding macroprudential policy in theoretical models. There is increasing empirical work on the effect of some macroprudential tools on a range of target variables, such as quantities and prices of credit, asset prices, and on the amplitude of the financial cycle and financial stability. In this paper we provide a critical review of recent progress in theoretical and empirical research on the effectiveness of macroprudential instruments

Asset (computer security) · Business cycle · Economics · Empirical research · Financial crisis · Financial stability · Financial system · Macroeconomics · Macroprudential regulation · Stability (learning theory) · Systemic risk · Work (physics) · Banking stability, regulation, efficiency · Computer Science · Corporate Finance and Governance · Engineering

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