I propose a model of macroprudential policy interventions in financial markets. I solve a heterogeneous-agent asset pricing model and show that speculation caused by differences in beliefs about expected technology growth increases asset returns volatility and the equity risk premium, reduces...

Using a sample that covers more than 100 countries over the 2000-2017 period, we assess the impact of macroprudential policies on financial stability. In particular, we examine whether the activation of macroprudential policies is conducive to a lower incidence of systemic banking crises. Our...

The presentation describes the findings of the paper "The interaction between financial development, macroprudential policy and economic growth: a cross-country perspective" (joint with Maria Shchepeleva (HSE)) presented at the International Conference "The new global challenges and comparative...