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.
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.:
- Angeloni, Ignazio & Faia, Ester, 2013. "Capital regulation and monetary policy with fragile banks," Journal of Monetary Economics, Elsevier, vol. 60(3), pages 311-324.
- Ambrogio Cesa-Bianchi & Alessandro Rebucci, 2013.
"Does Easing Monetary Policy Increase Financial Instability?,"
Research Department Publications
4825, Inter-American Development Bank, Research Department.
- Ambrogio Cesa-Bianchi & Alessandro Rebucci, 2013. "Does Easing Monetary Policy Increase Financial Instability?," IDB Publications (Working Papers) 79499, Inter-American Development Bank.
- Javier Bianchi, 2009.
"Overborrowing and systemic externalities in the business cycle,"
2009-24, Federal Reserve Bank of Atlanta.
- 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, 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.
- Luca Fornaro, 2014.
"Financial crises and exchange rate policy,"
Economics Working Papers
1431, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2014.
- Collard, F. & Dellas, H. & Diba, B. & Loisel, O., 2012.
"Optimal Monetary and Prudential Policies,"
413, Banque de France.
- Gianni De NicolÃ³ & Giovanni Favara & Lev Ratnovski, 2012. "Externalities and Macroprudential Policy," IMF Staff Discussion Notes 12/05, International Monetary Fund.
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: (Timo Laurmaa)
If references are entirely missing, you can add them using this form.