AEA Papers and Proceedings
ISSN 2574-0768 (Print) | ISSN 2574-0776 (Online)
Macroprudential Policy: What We've Learned, Don't Know, and Need to Do
AEA Papers and Proceedings
vol. 109,
May 2019
(pp. 470–75)
Abstract
Over the last decade, macroprudential policy has made important advances and become more widely used. We have a better understanding of its goals and tools, and are accumulating evidence that it can be effective on its direct targets, albeit often with unintended leakages and spillovers. There has been less progress, however, in terms of understanding: the ramifications of these leakages and spillovers, the optimal calibration of various tools, and how to identify the next risks as the financial system evolves. A top priority is better understanding the new vulnerabilities developing as risks shift outside the perimeter of existing regulations.Citation
Forbes, Kristin J. 2019. "Macroprudential Policy: What We've Learned, Don't Know, and Need to Do." AEA Papers and Proceedings, 109: 470–75. DOI: 10.1257/pandp.20191056Additional Materials
JEL Classification
- E63 Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy