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Journal Article
Understanding international differences in leverage trends
Journal Article
Effects of leverage on corporate investment and hiring decisions
Speech
Asset bubbles and the implications for central bank policy
Remarks at The Economic Club of New York, New York City.
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, ...