Managing the risks of the new macro-prudential policy regime

Charles Calomiris

Borsa Istanbul Review, 2013, vol. 13, issue 4, 65-66

Abstract: The pursuit of a new “macro-prudential” policy agenda has become a call to arms for many central banks and multilateral institutions seeking to lean against financial factors that promote macroeconomic volatility. Cyclical use of prudential policy, such as variation in capital requirements, is fraught with risks. It should only be employed during extreme circumstances. In general, policy makers should focus on strengthening traditional monetary policy rules and micro-prudential policies.

Date: 2013
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