© notice, is given to the source. Optimal Time-Consistent Macroprudential Policy

in this paper circulated earlier under the title "Overborrowing, Financial Crises and Macroprudential Policy", NBER WP 16091, June 2010. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications