This argument has proved convincing in policy and political circles, leading officials to focus on a new approach centered on so-called macro-prudential tools, including capital requirements and leverage ratios, to curb excessive risk-taking by banks. While this approach has some merit, it is incomplete, as it fails to address the egregious mispricing of risk brought about by an overly accommodative monetary policy and the historically low interest rates that it generated.
这一观点在政策和政治圈中很有影响，导致官员关注一套以所谓的宏观审慎工具——包括资本要求和贷款比率——遏制银行过度冒险行为为核心的新方针。这一方针有其优点，但并不完善，因为它没有解决过于舒适的货币政策及其所造成的历史最低利率导致的风险定价严重错误。从这个角度讲，美联储在2004—2006年所采取的渐进主义是一个足以遗臭万年的政策错误。