We had in Finland a very pronounced financial cycle overheating in the late 1980s. Banks’ lending grew too rapidly. Something needed to be done, but there were few previous examples of what we would now call countercyclical macroprudential policies.
So much so that the benefits provided to a large number of Americans resulted in a significant increase in savings, which is only recently  These remarks reflect my views and not necessarily those of my colleagues on the Board of Governors and the Federal Open Market Committee.