On the Effectiveness of Macroprudential Policy

42 Pages Posted: 1 Jun 2021

See all articles by Miguel Ampudia

Miguel Ampudia

European Central Bank (ECB) - Directorate General Research

Marco Lo Duca

European Central Bank (ECB)

Mátyás Farkas

European Central Bank (ECB)

Gabriel Perez-Quiros

Banco de España

Gerhard Rünstler

European Central Bank

Eugen Tereanu

European Central Bank (ECB)

Date Written: May 1, 2021

Abstract

Since the global financial crises, many countries have implemented macroprudential policies with the aim to render the financial system more resilient to shocks and limit the procyclicality of the financial system. We present theoretical and empirical evidence on the effectiveness of macroprudential policy, on both, financial stability and economic growth focussing on capital measures and borrower-based measures.

JEL Classification: G21

Suggested Citation

Ampudia, Miguel and Lo Duca, Marco and Farkas, Mátyás and Perez-Quiros, Gabriel and Rünstler, Gerhard and Tereanu, Eugen, On the Effectiveness of Macroprudential Policy (May 1, 2021). ECB Working Paper No. 2021/2559, Available at SSRN: https://ssrn.com/abstract=3855931

Miguel Ampudia (Contact Author)

European Central Bank (ECB) - Directorate General Research ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Marco Lo Duca

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Mátyás Farkas

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Gabriel Perez-Quiros

Banco de España ( email )

Madrid 28014
Spain

Gerhard Rünstler

European Central Bank ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Eugen Tereanu

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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