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Debiasing Macroprudential Policy: Part 2: Designing a New Diversity Criterion for Macroprudential Policy

Research output: Contribution to journalArticle

Original languageEnglish
Pages (from-to)37-44
JournalJournal of International Banking Law and Regulation
Volume34
Issue number2
Early online dateFeb 2019
Accepted/In press17 Sep 2018
E-pub ahead of printFeb 2019

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Abstract

This, the second part of a two-part article, considers the formulations of diversity that are possible in macroprudential policy. Reviews key elements of diversity, including external expertise, evaluates the benefits and drawbacks of the nuanced diversity techniques used by the Bank of England's Financial Policy Committee, and suggests how the involvement of diverse groups helps to reduce cognitive bias and protect against "groupthink".

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