We construct new intensity-adjusted indices of macroprudential policy announcements for 28 European Union (EU) economies. The indices are able to capture the restrictiveness and bindingness of the macroprudential policy actions and are used to assess the effectiveness of borrower-based macroprudential policy in reducing credit in the EU from 2003 to 2019. Our results indicate that these macroprudential tools have successfully reduced household, housing, and, to a smaller extent, consumption credit in the long run. Moreover, we find that the measured effects change by taking into account the various dimensions of the policy changes' intensity, including their legal enforceability.

中文翻译：

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使用基于强度的指数评估基于借款人的宏观审慎政策对欧盟信贷的影响

我们为 28 个欧盟 (EU) 经济体构建了新的强度调整后宏观审慎政策指数。这些指数能够捕捉宏观审慎政策行动的限制性和约束力，并用于评估2003年至2019年欧盟基于借款人的宏观审慎政策在减少信贷方面的有效性。我们的结果表明，这些宏观审慎工具成功地减少了家庭信贷从长远来看，住房，以及较小程度上的消费信贷。此外，我们发现，通过考虑政策变化强度的各个维度（包括其法律可执行性），衡量的效果会发生变化。