Conference on "Macroprudential Policy: New Challenges"

November 15, 2019

Conference Venue: University Grenoble Alpes, Grenoble, France

Subject

The 2008-2009 financial crisis was unprecedented because of both its size and its duration. Some feel it is akin to the 1929 crisis and yet even more serious especially because of growing financial integration, deregulation and financial innovations. This crisis foreshadows future financial difficulties, caused especially today by excess liquidity that could lead to the formation of a new bubble in financial markets. All the dysfunctions observed on the financial markets over the past ten years call for a radical renewal of our conception of the regulation of the financial system, in particular by complementing it with a macroprudential approach. Indeed, while the macroprudential framework/view is not new, it has really returned to the forefront through the emergence of numerous instruments, at both the macro and micro level, in response to global financial instability. It is now a key question to evaluate the effectiveness of these instruments in light of current market developments in Europe and the United States. The purpose of this workshop is to enable researchers to present research work, both theoretical and/or empirical, on macroprudential policy. Possible topics include, but are not necessarily limited to, the following:

- Definition and implementation of macroprudential policy: objective, scope, instruments, institutional organization, analytical framework

- Definition and implementation of financial stability - Effectiveness of the instruments used to control the formation of speculative bubbles

- Interaction and coordination between economic policies (monetary and/or fiscal) and prudential policies (micro and/or macroprudential)

- Integration of the banking and financial sectors into the macroeconomic models of central banks, in particular the integration of financial frictions

- Microeconomic foundations of macroprudential policy

- Microprudential regulation

- Financial cycles and business cycles

A selection of presented papers will be considered for publication in a special issue in International Economics (https://www.journals.elsevier.com/international-economics).

Full details here.