Adding banking supervision and, in particular, macroprudential policy to the central bank’s tasks, 3/7  BIS central bankers' speeches  shifts the emphasis more strongly towards preventive policies. Macroprudential policy can address financial stability risks in the specific areas where they arise, be it at the level of a country, a sector or a financial institution.
Eggertsson and Mehrotra (2014) and Caballero and Farhi (2015) modelled secular stagnation in a closed economy and more recently, Eggertsson, Mehrotra, Singh and Summers (2015) 9 presented a model of secular stagnation in a multi-country context in which exit policies may include a global increase of the inflation target (if made credible), fiscal policy stimulus or capital controls for the countries with a domestic positive real equilibrium interest rate.