Central banks’ preferences and banking sector vulnerability
According to “Schwartz's conventional wisdom” and what has been called “divine coincidence”, price stability should imply macroeconomic and financial stability.
Macroprudential and monetary policies: Friends or foes?
The Great Recession during the late 2000s and early 2010s has led to a strengthening of macroprudential policies over the world in order to address systemic risk concerns. However, the effectiveness of those measures remains unclear.
A New Explanation of the Historical Growth of Government in Europe: The Role of Labor Costs
We document a robust positive correlation between the size of government and the labor share of income in data from European countries covering the period 1869-1975. Following Facchini et al (2017), we interpret this correlation as evidence that labor costs drive public spending.
An analytical framework for retailer price and advertising decisions for products with temperature-sensitive demand
Competition and credit procyclicality in European banking
This paper empirically assesses how competition in the banking sector affects credit procyclicality by estimating both an interacted panel VAR model using macroeconomic data and a single-equation model with bank-level data.