All Outputs (2)

The Macroprudential Toolkit: Effectiveness and Interactions (2023)
Journal Article
Millard, S., Rubio, M., & Varadi, A. (2024). The Macroprudential Toolkit: Effectiveness and Interactions. Oxford Bulletin of Economics and Statistics, 86(2), 335-384. https://doi.org/10.1111/obes.12582

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 ratios. We then examine: (i) the impact of different combinations of macro... Read More about The Macroprudential Toolkit: Effectiveness and Interactions.

Macroprudential policy implementation in a heterogeneous monetary union (2023)
Journal Article
Rubio, M. (2024). Macroprudential policy implementation in a heterogeneous monetary union. Oxford Economic Papers, 76(2), https://doi.org/10.1093/oep/gpad012

In this article, I develop a two-country new Keynesian general equilibrium model with housing and collateral constraints to explore how macroprudential policies should be conducted in a heterogeneous monetary union. I consider several types of cross-... Read More about Macroprudential policy implementation in a heterogeneous monetary union.