The recent financial crisis has triggered a major rethink of analytical approaches and policy
toward financial stability. The crisis has encouraged a sharper focus on systemic risk, the …

We present a forward-looking monitoring program to identify and track the sources of
systemic risk over time and to facilitate the development of preemptive policies to promote …

We review a growing literature that incorporates endogenous risk premiums and risk-taking
in the conduct of monetary policy. Accommodative policy can create an intertemporal …

In this paper, we analyze the implications of macroprudential and monetary policies for
business cycles, welfare, and financial stability. We consider a dynamic stochastic general …

Using a wide range of macroeconomic and econometric models we assess the long‐term
economic impact of the Basel III reform. Our main results are the following.(1) The economic …

The recent financial crisis has highlighted the interconnectedness between macroeconomic
and financial stability, raising questions about how to combine monetary and prudential …

We develop an agent-based model to study the macroeconomic impact of alternative macro-
prudential regulations and their possible interactions with different monetary policy rules …

We study the properties of a monetary economy with an essential role for risky bank lending.
Banks issue deposits and lend to entrepreneurs. Because banks׳ lending rate cannot be …

This paper examines the interaction between monetary policy and macroprudential rules
and whether policy makers should respond to financial imbalances. To address this issue …

Since its creation the euro area suffered from imbalances between its core and peripheral
members. This paper checks whether macroprudential policy applied to the peripheral …