New Research
In an NBER working paper, Katharina Bergant and Kristin Forbes utilized the policy responses to COVID-19 “to examine how macroprudential frameworks developed over the past decade performed during a period of heightened financial and economic stress.” They find that “although macroprudential tools are being used countercyclically and should therefore help stabilize economies and financial markets, there appears to be an opportunity to better integrate the use of macroprudential tools with other policies in the future.”
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