BIS paper examines economic impact of macro-pru
Shocks are similar to monetary policy but transmission differs, researchers say
Empirical evidence on the real-economy impact of macro-prudential policy remains “sparse”, according to the authors of a new paper that looks to fill in the gaps.
In their Bank for International Settlements working paper, Soyoung Kim and Aaron Mehrotra examine the evidence on the macroeconomic effects and transmission channels of macro-prudential policy. They analyse data on 32 advanced and emerging economies using vector autoregressive models.
They find that, as with monetary policy, output
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