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Gadatsch, Niklas
Mann, Lukas
Schnabel, Isabel
Year of Publication: 
Series/Report no.: 
Arbeitspapier No. 05/2017
We propose a new identification strategy to assess the efficacy of macroprudential measures. We propose a novel instrumental variable that is based on the idea that a politically sensitive macroprudential measure is more likely to be implemented if a politically independent institution, such as a central bank, is in charge. Our results show that borrower-based macroprudential measures have had a strong and statistically significant dampening effect on credit growth in the European Union.
Document Type: 
Working Paper

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