Macroprudential policy may also fail when the regulatory perimeter is too narrow. In 1929, the Fed attempted to restrain Wall Street with a policy of “direct pressure,” coercing member banks not to lend to security brokers and dealers.
宏观审慎政策还可能因为监管范围过窄而失效。1929年，美联储试图用“直接压力”约束华尔街，强制要求成员银行不向证券经纪商和交易商贷款。2006年，美联储鼓励其成员不要贷款给商业地产开发商。在这两个例子中，其他贷款人填补了空白，满足了信贷需求，当局的宏观审慎措施效果被中性化。