This paper examines the conceptual foundations of macroprudential policy by reviewing the literature on financial frictions from a policy perspective that systematically links state interventions to market failures. The method consists in gradually incorporating into the Arrow-Debreu world a variety of frictions and sources of aggregate volatility and combining them along three basic dimensions: purely idiosyncratic vs. aggregate volatility, full...
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INFORMATION
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2013/08/01
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Document de travail de recherche sur les politiques
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WPS6575
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1
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1
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2013/08/01
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Disclosed
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The foundations of macroprudential regulation : a conceptual roadmap
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aggregate volatility