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Experiences with the ex ante appraisal of macroprudential instruments

Bank for International Settlements

No 56 in CGFS Papers from Bank for International Settlements

Abstract: This report provides an overview of the experiences central banks have gathered with ex ante appraisals of macroprudential instruments and identifies areas where further analytical development would be particularly useful. It starts with a description of different approaches policymakers have used to produce quantitative and operational objectives for macroprudential policy, and a classification of the analytical methodologies employed in appraisals. The main part of the report discusses how these different methodologies have been used in practice to assess the impact of macroprudential instruments in different stages of practical decision-making such as: the assessment of risks and vulnerabilities as well as the selection of the appropriate instrument, the timing of the activation of the instrument, and the calibration of the intensity of the instrument. In all cases the discussion is illustrated with actual experiences in different jurisdictions.

Date: 2016 Written 2016-07
ISBN: 978-92-9197-606-5
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