{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,9,1]],"date-time":"2026-09-01T03:12:10Z","timestamp":1788232330236,"version":"build-2803163510"},"reference-count":56,"publisher":"Wiley","license":[{"start":{"date-parts":[[2026,7,30]],"date-time":"2026-07-30T00:00:00Z","timestamp":1785369600000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/onlinelibrary.wiley.com\/termsAndConditions#vor"},{"start":{"date-parts":[[2026,7,30]],"date-time":"2026-07-30T00:00:00Z","timestamp":1785369600000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/doi.wiley.com\/10.1002\/tdm_license_1.1"}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["J of Applied Econometrics"],"abstract":"<jats:title>ABSTRACT<\/jats:title>\n                  <jats:p>We estimate the causal effects of macroprudential policies on the entire distribution of GDP growth for advanced European economies using a narrative\u2010identification strategy in a quantile\u2010regression framework. While macroprudential policy has near\u2010zero effects on the center of the GDP\u2010growth distribution, tighter policy brings benefits by reducing the variance of future growth, significantly boosting the left tail while simultaneously reducing the right. Assessing a range of channels through which these effects materialize, we find that macroprudential policy particularly operates through \u2018credit\u2010at\u2010risk\u2019: it reduces the right tail of future credit growth, dampening booms, in turn reducing the likelihood of extreme GDP\u2010growth outturns.<\/jats:p>","DOI":"10.1002\/jae.70082","type":"journal-article","created":{"date-parts":[[2026,7,31]],"date-time":"2026-07-31T01:42:48Z","timestamp":1785462168000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["The Transmission of Macroprudential Policy in the Tails: Evidence From a Narrative Approach"],"prefix":"10.1002","author":[{"given":"\u00c1lvaro","family":"Fern\u00e1ndez\u2010Gallardo","sequence":"first","affiliation":[{"name":"Banco de Espa\u00f1a  Madrid Spain"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Simon","family":"Lloyd","sequence":"additional","affiliation":[{"name":"Bank of England  London UK"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Ed","family":"Manuel","sequence":"additional","affiliation":[{"name":"London School of Economics  London UK"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2026,7,30]]},"reference":[{"key":"e_1_2_9_2_1","doi-asserted-by":"crossref","first-page":"2533","DOI":"10.1111\/jofi.13170","article-title":"The Anatomy of the Transmission of Macroprudential Policies","volume":"77","author":"Acharya V. 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