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Macroprudential policy (Favara & Ratnovski)

Macroprudential policy: Economic rationale and optimal tools by Giovanni Favara, Lev Ratnovski published by VOXEU (8/2012).

Macroprudential policy is meant to reduce the risks from the financial sector spilling over to the wider economy. But the debate over how to do so goes on. This column argues that macroprudential policy can be analysed through the prism of market failures that it is supposed to address.

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