The Costs of Macroprudential Policy

Björn Richter, Moritz Schularick, Ilhyock Shim

NBER Working Paper No. 24989
Issued in September 2018

---- Acknowledgments ----

Schularick gratefully acknowledges support from the Thematic Fellowship Programme of the Hong Kong Institute for Monetary Research (HKIMR). We are grateful for Ozge Akinci, Claudio Borio, Stijn Claessens, Leonardo Gambacorta, Boris Hofmann, Enisse Kharroubi, Catherine Koch, Gianni Lombardo, Luiz Pereira da Silva, Hyun Song Shin, Nikola Tarashev, Silvana Tenreyro, Kostas Tsatsaronis and an anonymous referee for their helpful suggestions. We thank the participants in the NBER International Seminar on Macroeconomics 2018, the Banque de France 20th Central Bank Macro Modeling Workshop, the HKIMR seminar and the BIS internal seminar for comments. We also thank Jimmy Shek and Jose Maria Vidal Pastor for their excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the Bank for International Settlements or the National Bureau of Economic Research.

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