Outputs (5)

Lithuania in the euro area: monetary transmission and macroprudential policies (2016)
Journal Article
Rubio, M., & Comunale, M. (in press). Lithuania in the euro area: monetary transmission and macroprudential policies. Eastern European Economics, 55(1), https://doi.org/10.1080/00128775.2016.1255558

In this paper, we develop a two-country monetary union new Keynesian general equilibrium model with housing and collateral constraints, to be calibrated for Lithuania and the rest of the euro area. Within this setting, and following the recent entran... Read More about Lithuania in the euro area: monetary transmission and macroprudential policies.

The new financial regulation in Basel III and monetary policy: A macroprudential approach (2016)
Journal Article
Rubio, M., & Carrasco-Gallego, J. A. (2016). The new financial regulation in Basel III and monetary policy: A macroprudential approach. Journal of Financial Stability, 26, 294-305. https://doi.org/10.1016/j.jfs.2016.07.012

The aim of this paper is to study the interaction between Basel I, II and III regulations with monetary policy. In order to do that, we use a dynamic stochastic general equilibrium (DSGE) model with a housing market, banks, borrowers, and savers. Res... Read More about The new financial regulation in Basel III and monetary policy: A macroprudential approach.

Coordinating macroprudential policies within the Euro Area: the case of Spain (2016)
Journal Article
Rubio, M., & Carrasco-Gallego, J. A. (in press). Coordinating macroprudential policies within the Euro Area: the case of Spain. Economic Modelling, 59, https://doi.org/10.1016/j.econmod.2016.06.006

In the aftermath of the global financial crisis, there is consensus on the need for macroprudential policies to promote financial stability. However, the optimal way to implement such policies in the Euro area is a question open to debate, given that... Read More about Coordinating macroprudential policies within the Euro Area: the case of Spain.

Spain and the crisis: housing prices, credit, and macroprudential policies (2016)
Journal Article
Rubio, M., & Carrasco-Gallego, J. A. (2017). Spain and the crisis: housing prices, credit, and macroprudential policies. Singapore Economic Review, 62(1), 109-133. https://doi.org/10.1142/S0217590817400057

In this paper, we propose a two-country, two sector monetary union DSGE model with housing. One of the countries is calibrated to represent the Spanish economy while the other one is the rest of the European monetary union. First, we illustrate how l... Read More about Spain and the crisis: housing prices, credit, and macroprudential policies.

Liquidity, interest rates and house prices in the Euro area: a DSGE analysis (2016)
Journal Article
Rubio, M., & Carrasco-Gallego, J. A. (2016). Liquidity, interest rates and house prices in the Euro area: a DSGE analysis. Journal of European Real Estate Research, 9(1), 4-25. https://doi.org/10.1108/JERER-03-2015-0014

In this paper, we propose a two-country monetary union DSGE model with housing, in order to study how different shocks contributed to the increase in housing prices and credit in the EMU prior to the crisis. One of the countries is calibrated to repr... Read More about Liquidity, interest rates and house prices in the Euro area: a DSGE analysis.