IDEAS home Printed from https://ideas.repec.org/a/bfr/fisrev/20141814.html
   My bibliography  Save this article

Learning from the history of American macroprudential policy

Author

Listed:
  • Elliott, D. J.

Abstract

Contrary to impressions based on recent years, the United States of America has conducted an active policy of cyclical macroprudential intervention over most of the century since the Federal Reserve’s foundation in 1913. Douglas Elliott was the co-author of a comprehensive study of these interventions, including a preliminary statistical analysis of their effects. In this paper, he offers a number of lessons for future macroprudential policy, based on America’s history. In particular: • macroprudential policies are feasible even in a generally non-interventionist context; • political support can be obtained for macroprudential tightening; • macroprudential and monetary policy blend together; • cyclical macroprudential policy can affect credit supply as intended; • different economic sectors can be targeted; • macroprudential policy may be easiest when measures appear technical; • a major mistake can make future macroprudential policy much harder; • macroprudential policy may be most easily done through a single body.

Suggested Citation

  • Elliott, D. J., 2014. "Learning from the history of American macroprudential policy," Financial Stability Review, Banque de France, issue 18, pages 145-150, April.
  • Handle: RePEc:bfr:fisrev:2014:18:14
    as

    Download full text from publisher

    File URL: https://publications.banque-france.fr/sites/default/files/medias/documents/financial-stability-review-18_2014-04.pdf
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bfr:fisrev:2014:18:14. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Michael brassart (email available below). General contact details of provider: https://edirc.repec.org/data/bdfgvfr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.