Fed paper says macro-prudential policy is not a new idea


A working paper published by the US Federal Reserve finds that macro-prudential policies, often thought to be a recent innovation, have been employed numerous times in the US in the past century.

In the paper, The History of Cyclical Macroprudential Policy in the United States, authors Douglas Elliott, Greg Feldberg and Andreas Lehnert examine a range of tools employed since World War I, including underwriting standards, credit growth limits and reserve requirements.

"Contrary to a common

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account