Summary of Macroprudential Policy

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Macroprudential Policy summary


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In the wake of the 2008 financial crisis, the US Federal Reserve has looked at using macroprudential tools – regulatory and rule-based actions, distinct from traditional monetary policy – to mitigate systemic risk in future financial disruptions. In this high-level examination of macroprudential applications, central bankers Tobias Adrian, Patrick de Fontnouvelle, Emily Yang and Andrei Zlate examine how and why the levers would work during a potential risk event. getAbstract recommends their comprehensive, esoteric insider’s report to central bankers, policy makers and financial professionals.

In this summary, you will learn

  • How macroprudential tools might assist in mitigating financial crises and
  • How effective such tools may be in forestalling or dampening risk impacts.

About the Authors

Tobias Adrian is a senior vice president and Emily Yang is an assistant vice president at the Federal Reserve Bank of New York. Patrick de Fontnouvelle is a vice president and Andrei Zlate is a senior financial economist at the Federal Reserve Bank of Boston.



In 2015, members of the Financial Stability Subcommittee of the Conference of Presidents (COP) of the Federal Reserve Banks led a tabletop exercise to determine the use and effectiveness of macroprudential tools to handle shocks to the financial system and dampen their impact on the economy. These instruments...

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