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Monetary Policy, Private Debt and Financial Stability Risks
(15.09.2017)
International Journal of Central Banking 3 ; September
International Journal of Central Banking 3 ; September
Can monetary policy be used to promote financial stability? We answer this question by estimating the impact of a monetary policy shock on private-sector leverage and the likelihood of a financial crisis. Impulse responses ...
Evaluating Indicators for Use in Setting the Countercyclical Capital Buffer
(01.03.2018)
International Journal of Central Banking 2 ; March 2018
International Journal of Central Banking 2 ; March 2018
The European Systemic Risk Board (ESRB) recently issued a recommendation on the use of early warning indicators in macroprudential decisions involving the countercyclical capital buffer (Basel III framework). In addition ...
Monetary Policy, the Financial Cycle, and Ultra-Low Interest Rates
(15.09.2017)
International Journal of Central Banking 4 ; September
International Journal of Central Banking 4 ; September
Do the prevailing unusually and persistently low real interest rates reflect a decline in the natural rate of interest as commonly thought? We argue that this is only part of the story. The critical role of financial factors ...