One of the most important examples of the use of dynamic stochastic general equilibrium (DSGE)
models in research on macro-prudential policies is the DSGE model with 3 layers of default (3D) used by the European Systemic Risk Board and European Central Bank. The main goal of the 3D model was to create a framework for analysing positive and normative effects of macro-prudential policies as well as to analyse welfare effects within the social planner framework. However, this framework does not include the heterogeneity of agents that would change the optimal values of macroprudential tools and the conclusions about distributional effects of these policies. We present an alternative tool to DSGE, namely agent-based simulation (ABM), that can be used to carry out counterfactual simulation of the impact of macroprudential policies on the economy, financial system and society. By developing a sophisticated database of agents’ attributes and an agent-based simulation, we contribute to the existing literature of agent-based modelling through detailed and relatively broad insight into heterogeneity of agents. We show the stabilizing effects of macroprudential policies on an unstable heterogeneous economy and financial system, as well as we analyse the distributional effects of these policies in the approach that goes beyond the social planner framework.