Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework?

摘要: The successful pursuit of the objective low inflation by central banks in recent decades has also delivered variability both and output. At same time, numerous financial other "imbalances" (defined here as significant sustained deviations from historical norms) have emerged. Should these imbalances revert to mean, there could be effects on output growth. Although such an adverse outcome remains only a possibility, question asked this paper is whether we might still benefit new macrofinancial stabilisation framework which monetary regulatory policies gave more attention avoiding emergence first place.