% WARNING: This file may contain UTF-8 (unicode) characters. % While non-8-bit characters are officially unsupported in BibTeX, you % can use them with the biber backend of biblatex % usepackage[backend=biber]{biblatex} @techreport{NBERw19967, title = "Macroprudential Policies in a Global Perspective", author = "Olivier Jeanne", institution = "National Bureau of Economic Research", type = "Working Paper", series = "Working Paper Series", number = "19967", year = "2014", month = "March", doi = {10.3386/w19967}, URL = "http://www.nber.org/papers/w19967", abstract = {This paper analyzes the case for the international coordination of macroprudential policies in the context of a simple theoretical framework. Both domestic macroprudential policies and prudential capital controls have international spillovers through their impact on capital flows. The uncoordinated use of macroprudential policies may lead to a "capital war" that depresses global interest rates. International coordination of macroprudential policies is not warranted, however, unless there is unemployment in some countries. There is scope for Pareto-improving international policy coordination when one part of the world is in a liquidity trap while the rest of the world accumulates reserves for prudential reasons.}, }