Elements of Effective Macroprudential Policies

Responding to an existing G20 mandate, this joint work reports on the experiences gained so far regarding elements and practices that can be useful for effective macroprudential policy making. The above since experience with macroprudential policy is growing: For instance, a large number of countries have put in place dedicated institutional arrangements, thus progress is being made with the design and implementation of macroprudential tools, as well as an increasing body of empirical research is available that is aimed at evaluating the effectiveness of those policies.