Are Collateral-Constraint Models Ready for Macroprudential Policy Design?

2021 ◽  
Author(s):  
Pablo Ottonello ◽  
Diego J. Perez ◽  
Paolo Varraso
Keyword(s):  
Policy Design ◽  
Macroprudential Policy ◽  
Collateral Constraint

scholarly journals Optimal Macroprudential Policy and Asset Price Bubbles

2019 ◽  
Vol 19 (184) ◽  
Author(s):  
Nina Biljanovska ◽  
Lucyna Gornicka ◽  
Alexandros Vardoulakis
Keyword(s):  
Asset Price ◽  
Macroprudential Policy ◽  
Asset Price Bubbles ◽  
Collateral Constraints ◽  
Collateral Constraint ◽  
Price Bubbles ◽  
Pecuniary Externalities ◽  
Asset Bubble ◽  
Moderate Policy

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the underlying level of indebtedness. If the level of debt is moderate, policy should accommodate the bubble to reduce the incidence of a binding collateral constraint. If debt is elevated, policy should lean against the bubble more aggressively to mitigate the pecuniary externalities from a deflating bubble when constraints bind.

Environmental Dilemmas and Policy Design

2002 ◽  
Author(s):  
Huib Pellikaan ◽  
Robert J. van der Veen
Keyword(s):  
Policy Design

Macroprudential Policy Instruments of Central Banks

2012 ◽  
pp. 32-47
Author(s):  
S. Andryushin ◽  
V. Kuznetsova
Keyword(s):  
Systemic Risk ◽  
Financial Stability ◽  
Financial System ◽  
Policy Instruments ◽  
Central Banks ◽  
Macroprudential Policy ◽  
Policy Studies ◽  
The Future ◽  
Financial Cycles

The paper analyzes central banks macroprudencial policy and its instruments. The issues of their classification, option, design and adjustment are connected with financial stability of overall financial system and its specific institutions. The macroprudencial instruments effectiveness is evaluated from the two points: how they mitigate temporal and intersectoral systemic risk development (market, credit, and operational). The future macroprudentional policy studies directions are noted to identify the instruments, which can be used to limit the financial systemdevelopment procyclicality, mitigate the credit and financial cycles volatility.

Should Attitudinal Views toward Innovation Development Play a Role in Policy in Peripheral EU Regions?: New Evidence from Vouchers Program in Northern Ireland

2018 ◽  
Vol 6 (2) ◽  
pp. 121-137
Author(s):  
Sean M. McDonald ◽  
Remi C. Claire ◽  
Alastair H. McPherson
Keyword(s):  
Economic Development ◽  
Northern Ireland ◽  
Policy Design ◽  
Regional Economic Development ◽  
Innovation Development ◽  
Regional Economic ◽  
Eu Regions ◽  
Future Policy ◽  
The Impact ◽  
New Evidence

The impact and effectiveness of policies to support collaboration for Research & Development (R&D) and Innovation is critical to determining the success of regional economic development. (O’Kane, 2008) The purpose of this paper is to evaluate the level of success of the Innovation Vouchers Program operated by Invest Northern Ireland (Invest NI) from 2009 to 2013 and address if attitudinal views towards innovation development should play in a role in future policy design in peripheral EU regions. 

Policy Design for Non-anthropocentric Pathways to Protect Biodiversity and Re-generate the Land

2018 ◽  
Vol 4 ◽  
Author(s):  
Janet Judy McIntyre-Mills
Keyword(s):  
South African ◽  
Policy Design ◽  
Ways Of Knowing ◽  
Vocational Education And Training ◽  
African Renaissance ◽  
The Social ◽  
Policy Suggestions ◽  
Sentient Beings ◽  
Political Economic ◽  
And Training

This article is a thinking exercise to re-imagine some of the principles of a transformational vocational education and training (VET) approach underpinned by participatory democracy and governance, and is drawn from a longer work on an ABC of the principles that could be considered when discussing ways to transform VET for South African learners and teachers. The purpose of this article is to scope out the social, cultural, political, economic and environmental context of VET and to suggest some of the possible ingredients to inspire co-created design. Thus the article is just a set of ideas for possible consideration and as such it makes policy suggestions based on many ways of knowing rooted in a respect for self, others (including sentient beings) and the environment on which we depend. The notion of African Renaissance characterises the mission of a VET approach in South Africa that is accountable to this generation of living systems and the next.

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