I analyze the development of the loan‐to‐value (LTV) ratio limit for households as a
macroprudential policy tool in both theory and practice, by surveying theoretical and …

How far should capital requirements be raised to ensure a resilient banking system without
imposing undue costs on the real economy? Capital requirement increases make banks …

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 …

We investigate the role of macroprudential policy in the presence of traditional banks and
shadow intermediaries through the lens of a dynamic, stochastic, general equilibrium …

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

We use a DSGE model with financial frictions and with macroprudential limits on both banks
and mortgage borrowers, in the form of capital requirements and maximum debt‐service …

We characterize optimal unconventional monetary and fiscal-financial policies against
supply-and demand-driven liquidity traps within a tractable New Keynesian model featuring …

We build a model of the aggregate housing and rental markets in which houseprices and
rents are determined endogenously. Households can choose their housingtenure status …

Despite having introduced borrower-based measures (BBM), Lithuania's housing and
mortgage markets were booming during the low-interest-rate period, casting doubt on the …

This paper develops a DSGE framework featuring heterogeneous housing markets,
endogenous mortgage defaults, and a banking sector. We find that the idiosyncratic …