Macroprudentialism

Dirk Schoenmaker 15 December 2014

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Table of contents

Introduction
Dirk Schoenmaker

Part I: Setting the scene

The use of macroprudential instruments
Charles A E Goodhart

Part II: System objectives

A programme for improving macroprudential regulation
Anil K Kashyap, Dimitrios P Tsomocos and Alexandros P. Vardoulakis

Macroprudential frameworks: (Too) great expectations?
Claudio Borio

Macroprudential policy and monetary policy
Richard Portes

The political economy of macroprudential regimes
Paul Tucker

Macroprudential policy: The neglected sectors
Malou Dirks, Casper de Vries and Fieke van der Lecq

Part III: Instruments

Capital regulation and credit fluctuations
Hans Gersbach and Jean-Charles Rochet

Understanding financial cycles
Stijn Claessens, M Ayhan Kose and Marco E Terrones

Unintended consequences of macroprudential policies
Wolf Wagner

A leverage ratio for the banking system: A macro instrument
Hans Gersbach

The simple analytics of systemic liquidity risk regulation
Enrico Perotti and Javier Suarez

Externalities: An economic rationale for macroprudential policy
Giovanni Favara and Lev Ratnovski

Part IV: European Coordination

A macroprudential policy framework for the EU and its member states
Viral Acharya and Charles W. Calomiris

Europe’s macroprudential policy framework in light of the banking union
André Sapir

Professor of Banking and Finance at the Rotterdam School of Management, Erasmus University Rotterdam; Senior Fellow, Bruegel; and Research Fellow, CEPR

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