This written testimony accompanied Professor Hockett's oral testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Subcommittee on Financial Institutions and Consumer Protection, given on 21 November 2014. Professor Hockett testifies that the Federal Reserve Board...

Since the global financial dramas of 2008-09, authorities on financial regulation have come increasingly to counsel the inclusion of macroprudential policy instruments in the standard ‘toolkit' of finance-regulatory measures employed by financial supervisors. The hallmark of this perspective...