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Crisis, contagion and international policy spillovers under foreign ownership of banks
(2016-03)
This paper checks how international spillovers of shocks and policies are modified when banks are foreign owned. To this end we build a two-country macroeconomic model with banking sectors that are owned by residents of ...
On the limits of macroprudential policy
(2016-02)
This paper studies how macroprudential policy tools can complement the interest rate-based monetary policy in achieving a selection of dual stabilization objectives. We show analytically in a canonical New Keynesian model ...