BoE paper models macro-prudential spillovers

Agent-based model sheds light on how housing market policies affect different groups, authors say

Bank of England
Photo: Juno Snowdon Photography

Macro-prudential policies often cause spillovers and therefore should be calibrated carefully, research published by the Bank of England finds.

The working paper uses an updated version of an agent-based model first set out in BoE research in 2016. Authors Adrian Carro, Marc Hinterschweiger, Arzu Uluc and J Doyne Farmer say this allows them to study both aggregate dynamics and the impact of policy on sub-groups of the population.

The model features many different types of households, including

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