Reinforcing the downturn in investment demand was the incipient deflation of the stock market bubble from the third quarter of 2000 onwards - a few quarters after the cyclical turning point. Added to this, the sharp increase in  2  BIS Review 2/2003  housing prices levelled off in 2001, and with it the boost it had given to consumer spending.
When I think about what we know how macroprudential instruments work, traffic lights come to my mind. To prevent pedestrians from crossing the street when the traffic light is red the authorities actually installed buttons that pedestrians could press to shorten the red phase. And it turned out to be a success: fewer pedestrians crossed the street when the lights were red.