Working Paper
The history of cyclical macroprudential policy in the United States
Elliott, Douglas J.; Lehnert, Andreas; Feldberg, Greg (2013)
Since the financial crisis of 2007-2009, policymakers have debated the need for a new toolkit of cyclical "macroprudential" policies to constrain the build-up of risks in financial markets, for example, by dampening credit-fueled asset bubbles. These discussions tend to ignore America's long and varied history with many of the instruments under consideration to smooth the credit cycle, presumably because of their sparse usage in the last three decades. We provide the first comprehensive survey and historic narrative of these efforts. The tools whose background and use we describe include ...
Finance and Economics Discussion Series , Paper 2013-29