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Discussion of “An Integrated Framework for Multiple Financial Regulations”
A 2012 paper by Goodhart, Kashyap, Tsomocos, and Vardoulakis (GKTV) proposes a dynamic general equilibrium framework that provides a conceptual?and to some extent quantitative?framework for the analysis of macroprudential policies. The distinguishing feature of GKTV?s paper relative to any other on macroprudential policy is its study of a setting with multiple financial frictions that permits the analysis of multiple macroprudential policy tools at the same time. The modeling approach includes various market failures such as incomplete markets with heterogeneous agents, fire-sale ...