Existing research offers eight broad groups of approaches and models: financial stability indicators, contagion and spillover models, early warning signal models, stress testing models, macro-financial risk-based flow-of-funds accounts models, macro-econometric forecasting models, calibrated general equilibrium financial stability models and other models (including models of firm and household vulnerabilities).
BIS central bankers’ speeches  3  Perhaps the remaining option at the macroeconomic level would have been to fix the exchange rate against another currency. With lower inflation rates in major currencies, this would have likely resulted in the need to tighten monetary policy immediately.