IMF economist takes on vexed question of macro-pru calibration

Housing markets are “at a turning point”, says Laura Valderrama, and policy faces tough trade-offs

European housing market

Valuations in many European housing markets look stretched just as economies may be about to suffer a downturn. This is creating a headache for macro-prudential authorities, who wield an array of tools, but must set policy with relatively limited evidence as to their effects and interactions.

New research published by the International Monetary Fund offers some guidance on how policy-makers may proceed amid this high uncertainty. Economist Laura Valderrama explores the trade-offs central banks

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