Is Julia ready for prime time?

I really want to like Julia. She promises to solve all the frustrations with other numerical languages.

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on VoxEU.org

December 15, 2016

Why macropru can end up being procyclical

Discretionary macroprudential policies aim to be countercyclical by adjusting risk-taking across the financial cycle. This column argues that the opposite effect may happen in certain cases. Depending on how regulators measure risk and how they react, the eventual outcome may well be procyclical, with serious unintended consequences.


December 8, 2016

The fatal flaw in macropru: It ignores political risk

Political risk is a major cause of systemic financial risk. This column argues that both the integrity and the legitimacy of macroprudential policy, or ‘macropru’, depends on political risk being included with other risk factors. Yet it is usually excluded from macropru, and that could be a fatal flaw.