Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/227861 
Year of Publication: 
2019
Series/Report no.: 
Danmarks Nationalbank Working Papers No. 143
Publisher: 
Danmarks Nationalbank, Copenhagen
Abstract: 
I examine the conduct of macroprudential policy in an environment where economic indicators move in a cyclical fashion, policy works with a lag, and there are adjustment costs to changing policy. In this setting policy instruments such as the countercyclical capital buffer should be set not only based on the present state of the cycle, but also on where the cycle is expected to be in the future and on the current level of buffer.
Subjects: 
Macroprudential policy
financial stability
JEL: 
G28
E58
Document Type: 
Working Paper

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