IMF paper studies effects of macro-prudential policy
A working paper, published by the International Monetary Fund in July, develops a model of an environment of financial innovation, showing this can cause large fluctuations in asset prices, and considers the ability of macro-prudential policy to control such movements.
Authors Javier Bianchi, Emine Boz and Enrique Mendoza use a dynamic stochastic general equilibrium model to determine the behaviour of investors during periods of financial innovation, suggesting imperfect information causes a
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