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Effects of Macroprudential Policy: Evidence from Over 6,000 Estimates
Juliana Dutra AraujoManasa PatnamMs.Adina PopescuMr.Fabian ValenciaWeijia Yao
出版International Monetary Fund, 2020-05-22
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Money & Monetary PolicyBusiness & Economics / Real Estate / General
ISBN151354540X9781513545400
URLhttp://books.google.com.hk/books?id=z7AaEAAAQBAJ&hl=&source=gbs_api
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註釋This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.