Macro-Prudential Policy in a Fisherian model of Financial Innovation
---- Acknowledgments ----
This paper was prepared for the Twelfth IMF Annual Research Conference. We are grateful for comments by Dan Cao, Stijn Claessens, Pierre-Olivier Gourinchas, Ayhan Köse, Paolo Pesenti, and participants at the 12th IMF Annual Research Conference, the 2011 Research Conference of the Reserve Bank of New Zealand, the 2011 Quantitative Macro Workshop of the Reserve Bank of Australia, and the 7th ECB-Federal Reserve Board International Research Forum on Monetary Policy. The views expressed in this paper are those of the authors and should not be attributed to the International Monetary Fund or the National Bureau of Economic Research.