Commentary on Macroprudential Policies
This 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.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Fabrice Collard & Harris Dellas & Behzad Diba & Olivier Loisel, 2012.
"Optimal Monetary and Prudential Policies,"
2012-34, Centre de Recherche en Economie et Statistique.
- Ambrogio Cesa-Bianchi & Alessandro Rebucci, 2013.
"Does Easing Monetary Policy Increase Financial Instability?,"
Research Department Publications
4825, Inter-American Development Bank, Research Department.
- Cesa-Bianchi, Ambrogio & Rebucci, Alessandro, 2015. "Does easing monetary policy increase financial instability?," Bank of England working papers 570, Bank of England.
- Ambrogio Cesa-Bianchi & Alessandro Rebucci, 2016. "Does Easing Monetary Policy Increase Financial Instability?," NBER Working Papers 22283, National Bureau of Economic Research, Inc.
- Ambrogio Cesa-Bianchi & Alessandro Rebucci, 2013. "Does Easing Monetary Policy Increase Financial Instability?," IDB Publications (Working Papers) 79499, Inter-American Development Bank.
- Ambrogio Cesa-Bianchi & Alessandro Rebucci, 2015. "Does Easing Monetary Policy Increase Financial Instability?," IMF Working Papers 15/139, International Monetary Fund.
- Gianni De Nicolo & Giovanni Favara & Lev Ratnovski, 2012. "Externalities and Macroprudential Policy," IMF Staff Discussion Notes 12/05, International Monetary Fund.
- 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 16270, University Library of Munich, Germany.
- Javier Bianchi, 2009. "Overborrowing and systemic externalities in the business cycle," FRB Atlanta Working Paper 2009-24, Federal Reserve Bank of Atlanta.
- Javier Bianchi, 2010. "Overborrowing and Systemic Externalities in the Business Cycle," 2010 Meeting Papers 96, Society for Economic Dynamics.
- Bianchi, Javier, 2009. "Overborrowing and Systemic Externalities in the Business Cycle," MPRA Paper 15114, University Library of Munich, Germany.
- Angeloni, Ignazio & Faia, Ester, 2013. "Capital regulation and monetary policy with fragile banks," Journal of Monetary Economics, Elsevier, vol. 60(3), pages 311-324.
When requesting a correction, please mention this item's handle: RePEc:ijc:ijcjou:y:2013:q:1:a:11. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bank for International Settlements)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.