Angelini, Paolo; Neri, Stefano; Panetta, Fabio - European Central Bank - 2012
policy and monetary policy. We find that in “normal” times (when the economic cycle is driven by supply shocks …) macroprudential policy generates only modest benefits for macroeconomic stability over a “monetary-policy-only” world. And lack of … results. The benefits of introducing macroprudential policy tend to be sizeable when financial shocks, which affect the supply …