Effects Of Macroprudential Policy Evidence From Over 6000 Estimates
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Effects of Macroprudential Policy: Evidence from Over 6,000 Estimates
Author | : Juliana Dutra Araujo |
Publisher | : International Monetary Fund |
Total Pages | : 53 |
Release | : 2020-05-22 |
Genre | : Business & Economics |
ISBN | : 151354540X |
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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.
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