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Macroprudential Regulation (Canuto & Cavallari)

Asset prices, macroprudential regulation, and monetary policy by Otaviano Canuto and Matheus Cavallari published by World Bank (5/2013). “Confidence in combining inflation-targeting-cum-flexible-exchange-rate regimes with isolated microprudential regulation as a means to guarantee both macroeconomic and financial stability has been shattered by the scale and synchronization of the asset price booms and busts that preceded the global financial crisis. It has now become clear that if monetary policy makers and prudential regulators are to succeed in achieving stability, there can be no complacency regarding asset price cycles…” http://bit.ly/12jfhLL

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