The Transmission of Macroprudential Policy in the Tails: Evidence From a Narrative Approach
宏观审慎政策的尾部传导:叙事识别证据
ABSTRACT We estimate the causal effects of macroprudential policies on the entire distribution of GDP growth for advanced European economies using a narrative‐identification strategy in a quantile‐regression framework. While macroprudential policy has near‐zero effects on the center of the GDP‐growth distribution, tighter policy brings benefits by reducing the variance of future growth, significantly boosting the left tail while simultaneously reducing the right. Assessing a…