I do not see any necessary connection between the mopping-up doctrine and monetary policy in the period following the mopping up of the hi-tech boom. 14  According to the ProQuest database, of the roughly 1,600 articles referring to the term “macroprudential” after the start of the Great Recession, almost all refer to regulatory and supervisory interventions.
15  House prices tended to increase more rapidly in countries that did not experience a financial sector crisis during the Great Recession. For a more detailed account, see Stanley Fischer (2014), “Macroprudential Policy in Action: Israel,” in George A. Akerlof, Olivier J. Blanchard, David Romer, and Joseph E. Stiglitz, eds., What Have We Learned? Macroeconomic Policy after the Crisis (Cambridge, Mass.