The Risk Taker of Last Resort
Large scale asset purchase programmes by central banks have become a familiar part of the landscape in financial markets. There is a lot of attention on what assets central banks plan to [...]
Improving the accountability of the Financial Policy Committee
This article publishes the annex to a letter sent to the Treasury Select Committee from David Aikman on the topic of FPC accountability and specifically how to quantify its financial stability objective. [...]
Reactions to the Bank of England’s December 2021 Financial Stability Report
Forensic scrutiny of the decisions taken by policymakers and the analysis that underpins them is an essential component of a healthy public policy regime, particularly one where power has been delegated from [...]
The Macroprudential Approach: Policy, Supervision or Regulation?
Author: Professor Rosa M. Lastra (Sir John Lubbock Chair in Banking Law, CCLS, Queen Mary University of London) Published: 25 October 2021 The 2007-09 global financial crisis challenged many [...]
The US needs urgently to raise its macropru game
The US needs urgently to raise its macropru game Author: Donald Kohn Published: 15 October 2021 Implementing robust macroprudential policy—addressing threats to financial stability beyond those that were the focus [...]
No model and no loss function is not a recipe for good policy
No model and no loss function is not a recipe for good macroprudential policy Author: Richard Barwell Published: 27 September 2021 There is a problem with macroprudential policy. The two [...]
Macroprudential policy as part of a broader financial stability regime: does it exist, what should it be?
Macroprudential policy as part of a broader financial stability regime: does it exist, what should it be? Author: Sir Paul Tucker Published: 13 September 2021 Macroprudential policy is (supposedly) [...]