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 …

In this paper, we analyze the use of macroprudential policies in a low interest rate
environment, where an occasionally binding zero lower bound (ZLB) constraint gives rise to …

This paper studies the extent to which biased policy preferences, motivated by narrow
institutional mandates, affect the gains from coordination between monetary policy (which …

The performance of alternative institutional mandates in achieving macroeconomic and
financial stability is studied in a model with financial frictions and reserve requirements as …

We analyze the redistribution channel of a money‐financed fiscal stimulus (MFFS) versus
debt‐financed fiscal stimulus (DFFS) in a Borrower–Saver framework. The redistribution …

This paper contributes by providing a new approach to study optimal macroprudential
policies based on economy wide welfare. Following Gerba (2017), we pin down a welfare …

In this paper, I show that the existence of non-bank financial institutions (NBFIs) has
implications for the optimal regulation of the traditional banking sector. I develop a New …

This paper contributes to the debate on the macroeconomic effectiveness of expansionary
non-standard monetary policy measures in a regulated banking environment. Based on an …

Periodically, public services in Britain are criticised for what is described as a 'target culture'.
The charge is that, because they're asked by politicians to concentrate on the more …

This paper contributes to the debate on the macroeconomic effectiveness of expansionary
non-standard monetary policy measures in a regulated banking environment. Based on an …