All Outputs (4)

Fiscal and Macroprudential Policies in a Monetary Union (2024)
Journal Article
Rubio, M., Ferri, J., & Bosca, J. E. (in press). Fiscal and Macroprudential Policies in a Monetary Union. Review of Quantitative Finance and Accounting,

In the European Monetary Union (EMU), monetary policy is determined by the European Central Bank (ECB). This arrangement can give rise to certain national economic imbalances that may potentially be addressed through national policies. Traditionally,... Read More about Fiscal and Macroprudential Policies in a Monetary Union.

Shadow banking, macroprudential regulation and redistributional effects (2024)
Journal Article
Rubio, M. (2024). Shadow banking, macroprudential regulation and redistributional effects. European Journal of Finance, https://doi.org/10.1080/1351847X.2024.2401590

This paper studies the implications of increasing the size of the shadow banking sector for economic activity, financial stability, and welfare. I consider a DSGE model in which lending can come from two different sources; a formal bank or private le... Read More about Shadow banking, macroprudential regulation and redistributional effects.

Inspecting Cross-Border Macro-Financial Mechanisms (2024)
Journal Article
Gerba, E., Leiva-Leon, D., & Rubio, M. (2024). Inspecting Cross-Border Macro-Financial Mechanisms. Journal of International Money and Finance, 145, Article 103094. https://doi.org/10.1016/j.jimonfin.2024.103094

We model structural time-varying macro-financial linkages between the U.S. and euro area using a large dataset for each region. We extract both real and financial cycles and identify shocks, using a factor model with drifting parameters. To interpret... Read More about Inspecting Cross-Border Macro-Financial Mechanisms.

Macroprudential policies and Brexit: A welfare analysis (2024)
Journal Article
Rubio, M. (2024). Macroprudential policies and Brexit: A welfare analysis. Economic Inquiry, 62(3), 1246-1267. https://doi.org/10.1111/ecin.13214

Brexit will have implications on financial stability and the implementation of macroprudential policies. The United Kingdom (UK) will no longer be subject to the jurisdiction of the European Systemic Risk Board. This paper studies the welfare implica... Read More about Macroprudential policies and Brexit: A welfare analysis.