This paper develops and motivates a research agenda for APRA by considering the objectives of prudential supervision and examining the instruments available to prudential supervisors. The research agenda has three branches. The first branch is aimed at developing a framework within which the impact of prudential supervision can be understood. It is intended to develop our understanding of the two-way relationship between macro-economic shocks and the financial system. The second branch is aimed at improving our ability to measure risk so that the instruments of prudential supervision can be refined. The third branch of research comprises an examination of the objectives of prudential supervision. The three research areas are related to each other within a general-equilibrium framework that links real shocks to financial prices and financial price movements back to the behaviour of individuals.
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