What Macroeconomic Conditions Lead Financial Crises? FRB (2018-06-19)
Research has suggested that a rapid pace of nonfinancial borrowing reliably precedes financial crises, placing the pace of debt growth at the center of frameworks for the deployment of macroprudential policies. I reconsi .. more | Inequality, Business Cycles, and Monetary-Fiscal Policy NBER (2018-06-19)
We study optimal monetary and fiscal policy in a model with heterogeneous agents, incomplete markets, and nominal rigidities. We develop numerical techniques to approximate Ramsey plans and apply them to a calibrated eco .. more | Accumulation of foreign currency reserves and risk-taking BIS (2018-06-19)
We assess whether the accumulation of foreign currency reserves in the Asia-Pacific region may have unintended consequences in the form of increased private sector risk-taking. To do so we carry out a country-specific da .. more |
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