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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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Macroprudential Policy Regimes: Definition and Institutional Implications

Macroprudential Policy Regimes: Definition and Institutional Implications

(p.89) 9 Macroprudential Policy Regimes: Definition and Institutional Implications
Progress and Confusion

Paul Tucker

The MIT Press

This chapter provides a definition of macroprudential policy as a regime under which policymakers can dynamically adjust regulatory parameters to maintain a desired degree of resilience in the financial system. It list some desirable features of macroprudential policy: it should encompass both banks and non-banks, it should have well defined policy objectives and be systematic and transparent, it should not make first-order distributional choices, and it should have a separate decision-making structure.

Keywords:   macroprudential policy, financial system, resilience, regulatory parameters, constrained discretion, institutional arrangements

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