English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools annual

Global: Zendy Free Plan

Global: Zendy Tools monthly

Global: Zendy Plus monthly

I consider whether imperfect macroprudential policy can be ‘improved’ upon by a monetary policy of leaning against the wind. Imperfect macroprudential policy is captured by instrument uncertainty, which leads to tentative and under-responsive macroprudential policy, and model uncertainty, which leads to excessive and over-reactive macroprudential policy. Leaning against the wind by the central bank improves the macroprudential regulator’s policy rule if the impact of model uncertainty is stronger than the impact of instrument uncertainty. Such a policy may therefore be pursued in jurisdictions where the macroprudential regulator has low risk-sensitivity and where the efficacy of macroprudential instruments is more certain.

Macroprudential policy uncertainty and implications for leaning against the wind