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Building on Incomplete Foundations: Financial Stability Policy since the Crash

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  • Richard Barwell

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

  • Richard Barwell, 2017. "Building on Incomplete Foundations: Financial Stability Policy since the Crash," National Institute Economic Review, National Institute of Economic and Social Research, vol. 241(1), pages 33-47, August.
    • Handle: RePEc:sae:niesru:v:241:y:2017:i:1:p:r33-r47
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    More about this item

    Keywords

    financial stability; financial crises; macroprudential policy; loss function;
    All these keywords.

    JEL classification:

    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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