All Outputs (29)

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.

Short and long-term interest rates and the effectiveness of monetary and macroprudential policies (2015)
Journal Article
Rubio, M. (2016). Short and long-term interest rates and the effectiveness of monetary and macroprudential policies. Journal of Macroeconomics, 47A, https://doi.org/10.1016/j.jmacro.2015.09.007

In this paper, I analyze the ability of monetary and macroprudential policies to stabilize both the macroeconomy and financial markets under two different scenarios: short and long-term rates. I develop and solve a New Keynesian dynamic stochastic ge... Read More about Short and long-term interest rates and the effectiveness of monetary and macroprudential policies.

Macroprudential and monetary policy rules: a welfare analysis (2015)
Journal Article
Rubio, M., & Carrasco-Gallego, J. A. (2015). Macroprudential and monetary policy rules: a welfare analysis. Manchester School, 83(2), https://doi.org/10.1111/manc.12078

This paper studies the interaction between macroprudential and monetary policies, using a DSGE model with a housing market and collateral constraints. Monetary policy follows a standard Taylor rule for the interest rate. The macroprudential authority... Read More about Macroprudential and monetary policy rules: a welfare analysis.

Recent reforms in Spanish housing markets: an evaluation using a DSGE model (2014)
Journal Article
Mora-Sanguinetti, J. S., & Rubio, M. (2014). Recent reforms in Spanish housing markets: an evaluation using a DSGE model. Economic Modelling, 44(Supp.1), Article S42-S49. https://doi.org/10.1016/j.econmod.2014.04.028

After a long academic debate, Spain finally repealed in 2012 the deduction for home purchase. The abrogation took effect in 2013. In parallel, the VAT for the purchase of new housing was increased after a short period in which it had a reduced rate.... Read More about Recent reforms in Spanish housing markets: an evaluation using a DSGE model.

Macroprudential and monetary policies: implications for financial stability and welfare (2014)
Journal Article
Rubio, M., & Carrasco-Gallego, J. A. (2014). Macroprudential and monetary policies: implications for financial stability and welfare. Journal of Banking and Finance, 49, https://doi.org/10.1016/j.jbankfin.2014.02.012

In this paper, we analyze the implications of macroprudential and monetary policies for business cycles, welfare, and financial stability. We consider a dynamic stochastic general equilibrium (DSGE) model with housing and collateral constraints. A ma... Read More about Macroprudential and monetary policies: implications for financial stability and welfare.

Housing-market heterogeneity in a monetary union (2013)
Journal Article
Rubio, M. (2014). Housing-market heterogeneity in a monetary union. Journal of International Money and Finance, 40, 163-184. https://doi.org/10.1016/j.jimonfin.2013.06.013

This paper studies the implications of cross-country housing-market heterogeneity in a monetary union for both shock transmission and welfare. I develop a two-country new Keynesian general equilibrium model with housing and collateral constraints to... Read More about Housing-market heterogeneity in a monetary union.