Has macroprudential policy been effective? How can we know?

Erlend W. Nier

Chapter 6 in Research Handbook of Macroprudential Policy, 2026, pp 113-130 from Edward Elgar Publishing

Abstract: Since macroprudential policy aims to moderate tail risks, it is inherently difficult to tell whether macroprudential measures are doing their job. This article reviews empirical strategies to assess the effectiveness of macroprudential policy with an emphasis on the use of cross-country panel data and global databases of macroprudential policy actions that have become available since the global financial crisis. While results obtained by this literature are promising, more research is needed on how best to calibrate macroprudential policy in a manner that trades off benefits and costs.

Keywords: Macroprudential policy; Global databases; Effectiveness; Calibration (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035306206
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