Uncertainty about macro-prudential policy in the private sector may require "more active policy or communication", according to a Bank of England (BoE) working paper published in January.

In Macro-prudential policy under uncertainty, Saleem Bahaj and Angus Foulis argue that the uncertainty surrounding the impact of macro-prudential policy need not make policy-makers "more cautious".

The authors suggest policy-makers will need to be more "active" to "offset the diminished signalling power of the