The recent financial crisis has highlighted the need to go beyond a purely micro approach to
financial regulation and supervision. As a consequence, the number of policy speeches …

Abstract Using 2008–2017 data on 1036 Chinese A-share listed companies, we investigate
the impact of the green credit policy (GCP) on corporate technological innovation (TI). We …

This paper surveys the theoretical and empirical literature on the macroeconomic
implications of financial imperfections. It focuses on two major channels through which …

Pledgeable assets support more borrowing, which allows for further investment in
pledgeable assets. We use this credit multiplier to identify the impact of financing frictions on …

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 …

With another real estate boom-bust bringing woes to the world economy, a quest for a better
policy toolkit to deal with these boom-busts has begun. Macroprudential measures could be …

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 …

This paper provides an empirical analysis of changes in real house prices in the USA using
State level data. It examines the extent to which real house prices at the State level are …

House prices and exchange rates can potentially amplify the expansionary effect of capital
inflows. We first set up a model of collateralized borrowing in domestic and foreign currency …

This paper examines whether the falling house price causes credit risk or not in China. We
note that bidirectional causal relationships exist in several sub-periods using sub-sample …