Bericht
On the stance of macroprudential policy
In this report we outline how a formulating normative measure of macroprudential policy stance requires a framework containing objectives, tools and transmission mechanisms. To complement the currently prevailing narrative approach, we apply lessons from the monetary policy to macroprudential policy. We begin with by proposing that the ultimate objective of macroprudential policy is to minimise the frequency and severity of economic losses arising from severe financial distress and then integrate the concept of growth-at-risk into the framework. Implementation of our framework for the evaluation of the macroprudential policy stance faces a series of challenges, including availability of the appropriate data, that policymakers generally have multiple objectives and tools, and the uncertain responses of economic agents to macroprudential policy actions.
- ISBN
-
978-92-9472-208-9
- Sprache
-
Englisch
- Erschienen in
-
Series: Reports of the Advisory Scientific Committee ; No. 11
- Klassifikation
-
Wirtschaft
- Thema
-
financial market supervision
monetary policy
EU countries
Finanzmarktaufsicht
Geldpolitik
EU-Staaten
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Cecchetti, Stephen G.
Suárez, Javier
- Ereignis
-
Veröffentlichung
- (wer)
-
European Systemic Risk Board (ESRB), European System of Financial Supervision
- (wo)
-
Frankfurt a. M.
- (wann)
-
2021
- DOI
-
doi:10.2849/977783
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Bericht
Beteiligte
- Cecchetti, Stephen G.
- Suárez, Javier
- European Systemic Risk Board (ESRB), European System of Financial Supervision
Entstanden
- 2021
Ähnliche Objekte (12)
Looking at the evolution of macroprudential policy stance: A growth-at-risk experiment with a semi-structural model
The global dimensions of macroprudential policy
Growth-at-risk and macroprudential policy design
Real-Time Measures of the Output Gap and Fiscal Policy Stance
Euro area fiscal stance
The more the merrier? Macroprudential instrument interactions and effective policy implementation
Developing macroprudential policy for alternative investment funds. Towards a framework for macroprudential leverage limits in Europe: an application for the Netherlands
Allocating macro-prudential powers
Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policies
The consequences of the single supervisory mechanism for Europe's macro-prudential policy framework
A Macroprudential Stress Testing Framework
Minsky and dynamic macroprudential regulation
Looking at the evolution of macroprudential policy stance: A growth-at-risk experiment with a semi-structural model
The global dimensions of macroprudential policy
Growth-at-risk and macroprudential policy design
Real-Time Measures of the Output Gap and Fiscal Policy Stance
Euro area fiscal stance
The more the merrier? Macroprudential instrument interactions and effective policy implementation
Developing macroprudential policy for alternative investment funds. Towards a framework for macroprudential leverage limits in Europe: an application for the Netherlands
Allocating macro-prudential powers
Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policies
The consequences of the single supervisory mechanism for Europe's macro-prudential policy framework
A Macroprudential Stress Testing Framework
Minsky and dynamic macroprudential regulation
Looking at the evolution of macroprudential policy stance: A growth-at-risk experiment with a semi-structural model
The global dimensions of macroprudential policy
Growth-at-risk and macroprudential policy design
Real-Time Measures of the Output Gap and Fiscal Policy Stance
Euro area fiscal stance
The more the merrier? Macroprudential instrument interactions and effective policy implementation
Developing macroprudential policy for alternative investment funds. Towards a framework for macroprudential leverage limits in Europe: an application for the Netherlands
Allocating macro-prudential powers
Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policies
The consequences of the single supervisory mechanism for Europe's macro-prudential policy framework
A Macroprudential Stress Testing Framework