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Macroprudential Policies and the Lucas Critique

The experience of recent years has reinforced the view that the financial system tends to amplify shocks over the cycle, leading to excessive lending in boom times and sharp contractions when economic conditions deteriorate. Common explanations for this are based on the fact that the players in the financial system are typically subject to constraints that tend to exacerbate shocks, such as borrowing constraints that fluctuate with asset prices, risk-sensitive capital requirements or remuneration schemes based on relative performance.Full publication: Macroprudential Policy