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Keywords:Ratio analysis 

Speech
Asset bubbles and the implications for central bank policy

Remarks at The Economic Club of New York, New York City.
Speech , Paper 21

Journal Article
Understanding international differences in leverage trends

Quarterly Review , Volume 15 , Issue Spr

Journal Article
Effects of leverage on corporate investment and hiring decisions

Quarterly Review , Volume 15 , Issue Sum

Working Paper
Macroprudential policy: its effects and relationship to monetary policy

This paper examines the interactions of macroprudential policy and monetary policy in a New Keynesian DSGE model with financial frictions. Macroprudential policy can stabilize credit cycles. However, a macroprudential instrument that aims to stabilize a specific segment of the credit market can cause regulatory arbitrage, that is, a reallocation of credit to a less regulated part of the market. Within this model, welfare-maximizing monetary policy aims to stabilize only inflation and macroprudential policy only stabilizes credit. Two aspects of the model account for this dichotomy. First, ...
Working Papers , Paper 12-28

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