It is also important to emphasize that expectations on the role of macroprudential policies in financial stability must be kept within realistic boundaries. While it is true that these instruments may have many possible advantages, we should not lose sight of the limitations that we still face.
Richard H Clarida: US economic outlook and monetary policy Speech (via webcast) by Mr Richard H Clarida, Vice Chair of the Board of Governors of the Federal Reserve System, at the "NABE International Symposium: A Vision of the Economy Post COVID", Washington DC, 12 May 2021.