In addition, based on various sources, such as anecdotal information that the Bank obtained from firms, domestic travel at the start of the summer holiday season appears to have been steady, partly due to the effects of travel and accommodation discounts provided by the local governments that have been aimed at local  1  residents.
With macroprudential policy we are targeting rare events, so historical experience is of less value, not least because, as the financial system evolves, comparisons with past events may become less informative. The effectiveness of macroprudential policy will have to be measured using models that allow us to compare the present with fictional alternative paths for the economy.