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- Borrower-based macroprudential tools (4/4): The need for transparency
- Borrower-based macroprudential tools (3/4): When success is hard to observe
- Borrower-based macroprudential tools (2/4): Distributional effects
- Borrower-based macroprudential tools (1/4): what they are and why they exist
- South Korea
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Borrower-based macroprudential tools (4/4): The need for transparency
In this series of posts, I have made the case for borrower-based macroprudential policies, discussed their distributional effects, and compared them with monetary policy. One overarching theme has been that the costs of these tools are immediate and distributional, while … Continue reading
Borrower-based macroprudential tools (3/4): When success is hard to observe
In the first two posts of this series (here and here) I have argued that the case for borrower-based macroprudential tools is sound and that, while they appear to be effective, they have distributional costs. I finished the previous post … Continue reading
Borrower-based macroprudential tools (2/4): Distributional effects
In the first post, I made the case for borrower-based tools: individually rational borrowing can be collectively excessive, and it can be optimal for the regulator to cap how much households can borrow against their homes. But I ended on … Continue reading
Borrower-based macroprudential tools (1/4): what they are and why they exist
I have a new chapter out with José-Luis Peydró, Jagdish Tripathy, and Arzu Uluc in the Research Handbook of Macroprudential Policy (Edward Elgar, edited by David Aikman and Prasanna Gai; the working paper version is here). It surveys what we … Continue reading
South Korea
I find South Korea a fascinating country. One of the economic miracles of the second half of the 20th century, South Korea not only went from extremely poor in the 1950s, when it suffered the invasion of North Korea and … Continue reading
Who leaves when a central bank shrinks?
A couple of months ago, I started noticing something on LinkedIn: economists I knew at the Bank of England were announcing they were leaving the institution (always, curiously, with a picture of the building behind them). Many of them very … Continue reading
Generalists in the Age of AI
For most of modern intellectual history, the generalist has been losing. The trend is visible everywhere, including in academia. At my university, Bayes Business School, the finance faculty is divided into groups: banking, asset pricing, M&A, real estate,… These are … Continue reading
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The Quantum Bomb Experiment
I have been reading about the history of quantum theory and how this history has shaped the different interpretations of it. ‘Helgoland’, by Carlo Rovelli, ‘Quantum’, by Manjit Kumar, and ‘What is real?’, by Adam Becker, are excellent books that … Continue reading
The 10th Anniversary of the Contrarian Prize
A couple of days ago I attended a debate on free speech for the 10th Anniversary of the Contrarian Prize. This prize, founded by Ali Miraj, recognises the independence and courage of British public figures who challenge the status quo. … Continue reading
The impact of school closure on test scores
The great* Emily Oster tweeted yesterday that they got their article on the impact of school closures accepted in the American Economic Review: Insights. Their paper shows that, during 2021, students in districts with more in-person classes performed better in … Continue reading
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