• Samuel Hanson
  • Jeremy Stein


A Macroprudential Approach to Financial Regulation. Jeremy Stein, Samuel Hanson, Winter 2011, Paper. "Many observers have argued that the regulatory framework in place prior to the global financial crisis was deficient because it was largely "microprudential" in nature. A microprudential approach is one in which regulation is partial equilibrium in its conception and aimed at preventing the costly failure of individual financial institutions. By contrast, a "macroprudential" approach recognizes the importance of general equilibrium effects, and seeks to safeguard the financial system as a whole. In the aftermath of the..." Link