Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
•Raising the reserve ratio leads to borrowers' welfare gains at the expense of savers.•Macroprudential policy stabilises the economy in response to a risk shock.•Macroprudential policy generates a stabilisation benefit to borrowers.•Macroprudential is more effective than monetary policy at stabilising against shocks.•Stabilisation works best when both monetary and macroprudential policy are used.