Tag Archives: finance

Borrower-based macroprudential tools (4/4): The need for transparency

Posted on July 29, 2026 by Francesc Rodríguez Tous

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 →

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Borrower-based macroprudential tools (3/4): When success is hard to observe

Posted on July 27, 2026 by Francesc Rodríguez Tous

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 →

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Borrower-based macroprudential tools (2/4): Distributional effects

Posted on July 5, 2026 by Francesc Rodríguez Tous

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 →

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Borrower-based macroprudential tools (1/4): what they are and why they exist

Posted on July 2, 2026 by Francesc Rodríguez Tous

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 →

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Who leaves when a central bank shrinks?

Posted on June 14, 2026 by Francesc Rodríguez Tous

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 →

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