MACROPRUDENTIAL POLICY: A KEYNESIAN INTERPRETATION

Abstract

The economic crisis has brought to the fore the debate about the need for new economic policy instruments. In particular, it demands new ways to prevent financial imbalances that in their cyclical inflections, causes consequences in the economy. Hence, the so called macroprudential policy was fetched to the center of the debate. In this context, the aim of this work is to perform a reading of macroprudential policy in a Keynesian perspective. The underlying argument is that policy can be understood as essentially Keynesian, because it deals with the unstable character of the economic system and with the endogenous systemic risk. In addition, macroprudential are consistent with the modus operandi of Keynesian economic policies. Discussions and development of the literature on the subject have taken place under pragmatic bases that do not relate immediately to orthodox or heterodox schools of economics. Thus, although the literature on macroprudential, in terms of objectives, instruments, transmission channels is advanced, there is still a need for theoretical debate to substantiate the use of this policy.