A high level of concentration, with credit markets dominated by a few large players, would thus make it harder for MP to affect banking credit cycles: if the credit multiplier associated with monetary  5  Visco (2009). 6  As Stein (2014) notes, this activist approach is justified even if the monetary authority does not have an explicit financial stability objective.
What would be the triggers for changes in these capital buffers in either direction? Would these changes kick-in in anticipation of business cycle turns or post facto? How formation or rule-based would these changes be so that regulated institutions know in advance themselves what they need to do?