9 For instance, when central bank governors are asked how they propose to deal with the problem of rising housing prices at a time when the central bank for macroeconomic reasons does not want to raise the interest rate, they generally reply that if the need arises, they will use macroprudential policies for that purpose.
By that they mean policies that will reduce the supply of credit to the housing sector without changing the central bank interest rate. Sector-specific regulatory and supervisory policies in the financial sector were used extensively and systematically in the United States in the period following World War II until the 1990s and are now being used in other advanced and developing countries.