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Building on Incomplete Foundations: Financial Stability Policy since the Crash

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  • Barwell, Richard

Abstract

Economists understand that a fit for purpose policy regime requires a reliable general equilibrium model of the system in question and a well specified description of the objectives that the policymaker is trying to pursue. The current financial stability regime has neither and without these critical foundations the regime is fundamentally fragile and incomplete. There is no anchor on the conduct of policy, an absence in genuine accountability and, as a result, reputational risks for policy institutions.

Suggested Citation

  • Barwell, Richard, 2017. "Building on Incomplete Foundations: Financial Stability Policy since the Crash," National Institute Economic Review, National Institute of Economic and Social Research, vol. 241, pages 33-47, August.
    • Handle: RePEc:cup:nierev:v:241:y:2017:i::p:r33-r47_12
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