6  See, for example, Bordo, Michael D. and Olivier Jeanne, (2002) “Monetary Policy and Asset Prices: Does “Benign Neglect” Make Sense?”, International Finance, 5(2): 139–64. 7  This follows the so-called ‘Tinbergen rule’ (see Tinbergen, Jan, (1952), “On the Theory of Economic Policy”, North-Holland Pub. Co., Holland). 8  They also complement existing microprudential supervision and banks’ own risk management practices.
9  See Hallissey, Niamh, Robert Kelly and Terry O’Malley (2014), “Macro-prudential tools and credit risk of property lending of Irish Banks”, Central Bank of Ireland, Economic Letter Vol. 2014, No.