Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We propose a new identification strategy to assess the efficacy of macroprudential measures. We use a novel instrumental variable based on the idea that a politically sensitive macroprudential measure is more likely to be implemented if a politically independent institution, such as a central bank, is in charge. Our results show that borrower-based macroprudential measures have had a strong and statistically significant dampening effect on credit growth in the European Union.