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Macroprudential Capital Controls and the Shadow Economy

Author

Listed:
  • Javier Bianchi

    (University of Wisconsin)

  • Julien Bengui

    (Université de Montréal)

Abstract

How does the optimal design of macroprudential capital controls depend on the ability of some agents to circumvent regulation? To address this question, we study the interaction between a regulated and an unregulated sphere in a model economy where pecuniary externalities calls for ex-ante policy interventions. Unregulated agents respond to macroprudential policy by increasing their leverage, and the planner weights this spillover effect when deciding about the optimal extent of intervention on regulated agents.

Suggested Citation

  • Javier Bianchi & Julien Bengui, 2014. "Macroprudential Capital Controls and the Shadow Economy," 2014 Meeting Papers 888, Society for Economic Dynamics.
    • Handle: RePEc:red:sed014:888
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