2024-09-09-欧洲央行-瞄准_聚焦_射击_选择适当有效的宏观工具（英）_72页_2mb

This paper analyzes the effectiveness of macroprudential instruments using a 3D DSGE model calibrated to the euro area. It compares broad, sectoral capital requirements, and borrower-based measures (LTV and LTI limits). Key findings include:

• Sectoral capital requirements are more effective for targeted vulnerabilities, preventing spillover effects.
• LTI limits outperform LTV limits by avoiding procyclicality and better controlling mortgage credit and household debt.
• Macropudential policy is superior to monetary policy in addressing real estate imbalances when adverse spillovers to other sectors are avoided.
• Alternative CCyB calibration rules (based on total credit, not the credit-to-GDP gap) yield better results in improving bank resilience.

These insights provide policymakers with evidence-based guidance for prudent macroprudential tool selection and design to enhance financial stability.