Commentary on Macroprudential Policies
AbstractThis commentary is motivated by the papers “Banks’ Equity Capital Frictions, Capital Ratios, and Interest Rates: Evidence from Spanish Banks” by Alfredo Martin-Oliver, Sonia Ruano, and Vicente Salas-Fum´as (this issue) and “Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses” by D. Filiz Unsal (this issue): both papers focus on the implications of macroprudential policy measures. Indeed, recent events in macroeconomics and financial markets have shifted the attention towards the role and the consequences of policies aimed at preventing the occurrence of crisis events. The aforementioned papers are of topical interest and present insightful results from both a theoretical and empirical perspective. In my commentary I will first summarize the contributions of the two papers and then provide an overview of the fast-growing theoretical literature on macroprudential policy and briefly discuss some issues and future directions.
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Bibliographic InfoArticle provided by International Journal of Central Banking in its journal International Journal of Central Banking.
Volume (Year): 9 (2013)
Issue (Month): 1 (March)
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- Ambrogio Cesa-Bianchi & Alessandro Rebucci, 2013. "Does Easing Monetary Policy Increase Financial Instability?," Research Department Publications 4825, Inter-American Development Bank, Research Department.
- Fabrice Collard & Harris Dellas & Behzad Diba & Olivier Loisel, 2012.
"Optimal Monetary and Prudential Policies,"
2012-34, Centre de Recherche en Economie et Statistique.
- Javier Bianchi, 2010.
"Overborrowing and Systemic Externalities in the Business Cycle,"
2010 Meeting Papers
96, Society for Economic Dynamics.
- Javier Bianchi, 2011. "Overborrowing and Systemic Externalities in the Business Cycle," American Economic Review, American Economic Association, vol. 101(7), pages 3400-3426, December.
- Bianchi, Javier, 2009. "Overborrowing and Systemic Externalities in the Business Cycle," MPRA Paper 15114, University Library of Munich, Germany.
- Bianchi, Javier, 2009. "Overborrowing and Systemic Externalities in the Business Cycle," MPRA Paper 16270, University Library of Munich, Germany.
- Javier Bianchi, 2009. "Overborrowing and systemic externalities in the business cycle," Working Paper 2009-24, Federal Reserve Bank of Atlanta.
- Luca Fornaro, 2012. "Financial Crises and Exchange Rate Policy," 2012 Meeting Papers 726, Society for Economic Dynamics.
- Gianni De NicolÃ³ & Giovanni Favara & Lev Ratnovski, 2012. "Externalities and Macroprudential Policy," IMF Staff Discussion Notes 12/05, International Monetary Fund.
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