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All HBS Web
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- Research (5)
- Faculty Publications (4)
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- 2011
- Chapter
Macroprudential Policy and Monetary Policy: Some Lessons from the Euro Area
By: Domenico Giannone, Michele Lenza, Huw Pill and Lucrezia Reichlin
Giannone, Domenico, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "Macroprudential Policy and Monetary Policy: Some Lessons from the Euro Area." Chap. 8 in Macroprudential Regulatory Policies: The New Road to Financial Stability? Vol. 17, by S. Claessens, D. Evanoff, G. Kaufman, and L.E. Kodres, 103–120. World Scientific Studies in International Economics. London: World Scientific, 2011.
- 2020
- Working Paper
Sticky Capital Controls
By: Miguel Acosta-Henao, Laura Alfaro and Andres Fernandez
There is much ongoing debate on the merits of capital controls as effective policy instruments. The differing perspectives are due in part to a lack of empirical studies that look at the intensive margin of controls, which in turn has prevented a quantitative...
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Keywords:
Capital Controls;
Macroprudential Policies;
Stickiness;
Intensive;
(S, S) Costs;
Capital;
Management;
Macroeconomics
Acosta-Henao, Miguel, Laura Alfaro, and Andres Fernandez. "Sticky Capital Controls." NBER Working Paper Series, No. 26997, April 2020.
- July 2022
- Article
Countercyclical Prudential Buffers and Bank Risk-taking
By: Manuel Illueca, Lars Norden, Joseph Pacelli and Gregory F. Udell
We investigate the effects of countercyclical prudential buffers on bank risk-taking. We exploit the introduction of dynamic loan loss provisioning in Spain, mandating that banks use historical average loss rates in their estimation of loan loss provisions. We find...
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Keywords:
Banks;
Bank Regulation;
Macroprudential Policies;
Bank Lending;
Loan Loss Provisioning;
Risk Taking;
Banks and Banking;
Financing and Loans;
Governing Rules, Regulations, and Reforms;
Risk and Uncertainty
Illueca, Manuel, Lars Norden, Joseph Pacelli, and Gregory F. Udell. "Countercyclical Prudential Buffers and Bank Risk-taking." Art. 100961. Journal of Financial Intermediation 51 (July 2022).
- Forthcoming
- Article
Crisis Interventions in Corporate Insolvency
By: Samuel Antill and Christopher Clayton
We model the optimal resolution of insolvent firms in general equilibrium. Collateral-constrained banks lend to (i) solvent firms to finance investments and (ii) distressed firms to avoid liquidation. Liquidations create negative fire-sale externalities. Liquidations...
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Keywords:
Insolvent Firms;
Government Intervention;
Liquidation;
Econometric Models;
Insolvency and Bankruptcy;
Policy
Antill, Samuel, and Christopher Clayton. "Crisis Interventions in Corporate Insolvency." Journal of Finance (forthcoming).
- 04 Oct 2016
- First Look
October 4, 2016
extraction, and increased refinancing mortgagors’ consumption by an additional $76 billion. This de facto allocation of credit across mortgage market segments, combined with sharp bunching around GSE eligibility cutoffs, establishes an important complementarity between...
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