We explain the role of the Phillips Curve in the analysis of the economic outlook and the
formulation of monetary policy at the ECB. First, revisiting the structural Phillips Curve, we …

This paper takes a new approach to assess the costs and benefits of using different policy
tools—macroprudential, monetary, foreign exchange interventions, and capital flow …

In this paper, we provide empirical evidence about the response of macroprudential policy to
financial risks, as well as the broader macroeconomic effects of macroprudential policy and …

Purpose A review of the literature provides a solid reason to believe that an increase in
environmental, social and corporate governance (ESG) activities have a positive impact on …

This paper examines the interactions of macroprudential and monetary policies. We find,
using a range of macroeconomic models used at the European Central Bank, that in the …

Abstract The Global Financial Crisis fostered the design and adoption of macroprudential
policies throughout the world. This raises important questions for monetary policy. What, if …

This paper offers novel evidence on the impact of raising bank capital requirements on
lending in an emerging market and explores heterogeneous effects, depending on bank …

I study monetary and macroprudential policy intervention in a general equilibrium economy
with recurrent boom-bust cycles. forward-looking variables to also react to policy intervention …

Macroprudential policymakers assess medium-term downside risks to the real economy
arising from financial imbalances and implement policies aimed at managing those risks. In …

This paper uses granular data on syndicated loans to analyse the impact of international
reforms for Global Systemically Important Banks (G-SIBs) on bank lending behaviour. Using …