Is Macro Prudential Regulation Possible?
|Abstract:||The 20th century consensus regarding the role of a central bank – to maintain price stability was upset by the global financial crisis of 2007-2009. Central banks changed their mode of behavior and new regulatory structures were introduced around the world. In this essay, I examine one of the principle new approaches to regulation – regulating macro prudential risk. I explain what it means and assess the approaches that have been suggested.|
|Rights:||Copyright Paul Wachtel, May 2013.|
|Appears in Collections:||Economics Working Papers|
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|Wachtel_MacroPrudentialReg_May2013.pdf||Is Macro Prudential Regulation Possible?||135.69 kB||Adobe PDF||View/Open|
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