Journal of Banking & Finance Vol. 169 2024
Effects of macroprudential policy: Evidence from over 6000 estimates
Abstract
This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find (i) statistically significant effects on credit, but with considerable heterogeneity across instruments; (ii) weaker and more imprecise effects on house prices; (iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and (iv) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.
- DOI
- 10.1016/j.jbankfin.2024.107273
- Volume
- 169
- Pages
- 107273
- Language
- en
- Sources
- crossref openalex bibtex:phds-export.bib