The Design of Macroprudential Policy

Richard Barwell

Chapter Chapter 2 in Macroprudential Policy, 2013, pp 33-75 from Palgrave Macmillan

Abstract: Abstract The macroprudential perspective is an idea whose time has come. It is viewed as an essential piece of the policy jigsaw, which will help to deliver a more stable trajectory for the financial system and wider economy going forward. This chapter defines that macroprudential perspective and where it fits in relative to the existing microprudential and monetary policy regimes. We begin with a brief review of the lineage of the term, which is discussed at length in Clement’s (2010) article, where it is noted that: In the wake of the recent financial crisis, the term ‘macroprudential’ has become a true buzzword. A core element of international efforts to strengthen the financial system is to enhance the macroprudential orientation of regulatory and supervisory frameworks. Yet the term was little used before the crisis, and its meaning remains obscure.

Keywords: Interest Rate; Monetary Policy; Central Bank; House Price; Asset Price (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-27446-5_2

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DOI: 10.1057/9781137274465_2

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