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Macroprudential Policy: The Need for a Coherent Policy Framework
2011
Social Science Research Network
The recent literature on macroprudential policy contains several suggestions for possible instruments. This paper puts forward and implements a method for arriving at a coherent policy framework. It starts by defining the role of macroprudential policy in the overall policy framework for the monetary and financial system. It then specifies the objective, intermediate targets (pillars), instruments, decision-making, accountability, and the legal base. We introduce a two pillar strategy. The
doi:10.2139/ssrn.1876595
fatcat:jyk6xqshofhednm7kfo5vgiwny