Macroprudential Policy - A Literature Review

44 Pages Posted: 27 Oct 2011

See all articles by Gabriele Galati

Gabriele Galati

De Nederlandsche Bank

Richhild Moessner

Bank for International Settlements (BIS)

Multiple version iconThere are 3 versions of this paper

Date Written: December 1, 2010


The recent financial crisis has highlighted the need to go beyond a purely micro approach to financial regulation and supervision. In recent months, the number of policy speeches, research papers and conferences that discuss a macro perspective on financial regulation has grown considerably. The policy debate is focusing in particular on macroprudential tools and their usage, their relationship with monetary policy, their implementation and their effectiveness. Macroprudential policy has recently also attracted considerable attention among researchers. This paper provides an overview of research on this topic. We also identify important future research questions that emerge from both the literature and the current policy debate.

Keywords: macroprudential policy

JEL Classification: E58, G28

Suggested Citation

Galati, Gabriele and Moessner, Richhild, Macroprudential Policy - A Literature Review (December 1, 2010). De Nederlandsche Bank Working Paper No. 267. Available at SSRN: or

Gabriele Galati (Contact Author)

De Nederlandsche Bank ( email )

PO Box 98
1000 AB Amsterdam
Amsterdam, 1000 AB

Richhild Moessner

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002

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