No. This is proactive macroprudential regulation of the best kind. Call regulated banks in, discuss a risk, see how they’re thinking about it. Very good stuff.
April 10, 2026 at 12:37 AM
No. This is proactive macroprudential regulation of the best kind. Call regulated banks in, discuss a risk, see how they’re thinking about it. Very good stuff.
“What does macroprudential mean in an era of gangster capitalism? Sign up for my substack to hear some random theories.”
November 21, 2024 at 12:33 AM
“What does macroprudential mean in an era of gangster capitalism? Sign up for my substack to hear some random theories.”
Macroprudential regulators talking about private credit be like
May 6, 2026 at 10:38 AM
Macroprudential regulators talking about private credit be like
‼️ “The Bank of Russia has announced the establishment of macroprudential (preventive) surcharges for banks on new loans and bonds for large companies that have been identified as having a high level of debt burden.”
www.kommersant.ru/doc/7313573
www.kommersant.ru/doc/7313573
November 21, 2024 at 5:55 PM
‼️ “The Bank of Russia has announced the establishment of macroprudential (preventive) surcharges for banks on new loans and bonds for large companies that have been identified as having a high level of debt burden.”
www.kommersant.ru/doc/7313573
www.kommersant.ru/doc/7313573
I have a new working paper up on SSRN, Tax and the Law of Market Cycles. The core idea is: what if we applied everything we've learned about countercyclical macroprudential regulation to the boom-bust cycles of physical commodities and heavy industries? papers.ssrn.com/sol3/papers....
Tax and the Law of Market Cycles
<p>The signature development in financial regulation over the past two decades has been the macroprudential turn: the recognition that healthy financial conditi
papers.ssrn.com
July 31, 2026 at 2:18 PM
I have a new working paper up on SSRN, Tax and the Law of Market Cycles. The core idea is: what if we applied everything we've learned about countercyclical macroprudential regulation to the boom-bust cycles of physical commodities and heavy industries? papers.ssrn.com/sol3/papers....
Leverage in non-bank financial institutions can be a source of systemic risk and amplify stress in the wider financial system, our latest Macroprudential Bulletin shows.
Read our Macroprudential Bulletin www.ecb.europa.eu/press/financ...
Read our Macroprudential Bulletin www.ecb.europa.eu/press/financ...
January 15, 2025 at 9:03 AM
Leverage in non-bank financial institutions can be a source of systemic risk and amplify stress in the wider financial system, our latest Macroprudential Bulletin shows.
Read our Macroprudential Bulletin www.ecb.europa.eu/press/financ...
Read our Macroprudential Bulletin www.ecb.europa.eu/press/financ...
A novel framework combining data from various sources sheds light on the vulnerabilities of hedge funds and liability-driven investment funds, our latest Macroprudential Bulletin shows.
Read more in our Macroprudential Bulletin: www.ecb.europa.eu/press/financ...
Read more in our Macroprudential Bulletin: www.ecb.europa.eu/press/financ...
January 15, 2025 at 9:15 AM
A novel framework combining data from various sources sheds light on the vulnerabilities of hedge funds and liability-driven investment funds, our latest Macroprudential Bulletin shows.
Read more in our Macroprudential Bulletin: www.ecb.europa.eu/press/financ...
Read more in our Macroprudential Bulletin: www.ecb.europa.eu/press/financ...
Our latest Macroprudential Bulletin describes how geopolitical risk weakens bank solvency with major geopolitical shocks posing the biggest threat. Macroprudential policy and microprudential supervision are key to helping banks stay resilient and absorb such shocks.
www.ecb.europa.eu/press/financ...
www.ecb.europa.eu/press/financ...
April 1, 2025 at 8:04 AM
Our latest Macroprudential Bulletin describes how geopolitical risk weakens bank solvency with major geopolitical shocks posing the biggest threat. Macroprudential policy and microprudential supervision are key to helping banks stay resilient and absorb such shocks.
www.ecb.europa.eu/press/financ...
www.ecb.europa.eu/press/financ...
What do we want? Taxing economic rents as a real time, overnight rate of parallel macroprudential policy to put a noose around obsolete central banking thought as a blunt instrument that harms the poor!
When do we want it? Immediately after we all figure out just what the fuck Poss is saying!
When do we want it? Immediately after we all figure out just what the fuck Poss is saying!
March 17, 2026 at 4:37 AM
What do we want? Taxing economic rents as a real time, overnight rate of parallel macroprudential policy to put a noose around obsolete central banking thought as a blunt instrument that harms the poor!
When do we want it? Immediately after we all figure out just what the fuck Poss is saying!
When do we want it? Immediately after we all figure out just what the fuck Poss is saying!
🏡 𝗡𝗲𝘄 𝗦𝘁𝘂𝗱𝘆! 𝗧𝗵𝗲 𝗘𝗳𝗳𝗲𝗰𝘁 𝗼𝗳 𝗠𝗮𝗰𝗿𝗼𝗽𝗿𝘂𝗱𝗲𝗻𝘁𝗶𝗮𝗹 𝗣𝗼𝗹𝗶𝗰𝗶𝗲𝘀 𝗼𝗻 𝗛𝗼𝗺𝗲𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗶𝗻 𝗦𝘄𝗶𝘁𝘇𝗲𝗿𝗹𝗮𝗻𝗱
𝗛𝗼𝘄 𝗱𝗼 𝗺𝗮𝗰𝗿𝗼𝗽𝗿𝘂𝗱𝗲𝗻𝘁𝗶𝗮𝗹 𝗽𝗼𝗹𝗶𝗰𝗶𝗲𝘀 𝗮𝗳𝗳𝗲𝗰𝘁 𝗵𝗼𝗺𝗲𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀?
𝗛𝗼𝘄 𝗱𝗼 𝗺𝗮𝗰𝗿𝗼𝗽𝗿𝘂𝗱𝗲𝗻𝘁𝗶𝗮𝗹 𝗽𝗼𝗹𝗶𝗰𝗶𝗲𝘀 𝗮𝗳𝗳𝗲𝗰𝘁 𝗵𝗼𝗺𝗲𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀?
February 19, 2025 at 7:13 PM
🏡 𝗡𝗲𝘄 𝗦𝘁𝘂𝗱𝘆! 𝗧𝗵𝗲 𝗘𝗳𝗳𝗲𝗰𝘁 𝗼𝗳 𝗠𝗮𝗰𝗿𝗼𝗽𝗿𝘂𝗱𝗲𝗻𝘁𝗶𝗮𝗹 𝗣𝗼𝗹𝗶𝗰𝗶𝗲𝘀 𝗼𝗻 𝗛𝗼𝗺𝗲𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗶𝗻 𝗦𝘄𝗶𝘁𝘇𝗲𝗿𝗹𝗮𝗻𝗱
𝗛𝗼𝘄 𝗱𝗼 𝗺𝗮𝗰𝗿𝗼𝗽𝗿𝘂𝗱𝗲𝗻𝘁𝗶𝗮𝗹 𝗽𝗼𝗹𝗶𝗰𝗶𝗲𝘀 𝗮𝗳𝗳𝗲𝗰𝘁 𝗵𝗼𝗺𝗲𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀?
𝗛𝗼𝘄 𝗱𝗼 𝗺𝗮𝗰𝗿𝗼𝗽𝗿𝘂𝗱𝗲𝗻𝘁𝗶𝗮𝗹 𝗽𝗼𝗹𝗶𝗰𝗶𝗲𝘀 𝗮𝗳𝗳𝗲𝗰𝘁 𝗵𝗼𝗺𝗲𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀?
I am on the Job Market!
In my #EconJMP, I study optimal capital controls considering previously overlooked effects on investment and productivity using a sufficient statistic approach
Estimating productivity losses using micro-data, I find that capital flows should be incentivized.
📈📉🧵
In my #EconJMP, I study optimal capital controls considering previously overlooked effects on investment and productivity using a sufficient statistic approach
Estimating productivity losses using micro-data, I find that capital flows should be incentivized.
📈📉🧵
November 28, 2024 at 1:43 AM
I am on the Job Market!
In my #EconJMP, I study optimal capital controls considering previously overlooked effects on investment and productivity using a sufficient statistic approach
Estimating productivity losses using micro-data, I find that capital flows should be incentivized.
📈📉🧵
In my #EconJMP, I study optimal capital controls considering previously overlooked effects on investment and productivity using a sufficient statistic approach
Estimating productivity losses using micro-data, I find that capital flows should be incentivized.
📈📉🧵
Earlier this month, Anni Norring (@anninorring.bsky.social) defended her doctoral dissertation “Macroprudential policy: Drivers, effects and unintended consequences”.
To find out more, visit our website: www.helsinkigse.fi/articles/mac...
To find out more, visit our website: www.helsinkigse.fi/articles/mac...
January 16, 2026 at 7:52 AM
Earlier this month, Anni Norring (@anninorring.bsky.social) defended her doctoral dissertation “Macroprudential policy: Drivers, effects and unintended consequences”.
To find out more, visit our website: www.helsinkigse.fi/articles/mac...
To find out more, visit our website: www.helsinkigse.fi/articles/mac...
Cyberattacks have grown in both number and magnitude, meaning they pose a greater risk to financial stability than ever before, our latest Macroprudential Bulletin shows:
www.ecb.europa.eu/press/financ...
www.ecb.europa.eu/press/financ...
March 10, 2025 at 9:01 AM
Cyberattacks have grown in both number and magnitude, meaning they pose a greater risk to financial stability than ever before, our latest Macroprudential Bulletin shows:
www.ecb.europa.eu/press/financ...
www.ecb.europa.eu/press/financ...
"Too high" for what - *within the achievable window of that instrumental policy space* - is the question we should ask, because that gets to the core of the problem of current monetary policy and its efficacy <and one that isolates it from broader macroprudential policy mechanisms and options>
May 5, 2026 at 6:31 AM
"Too high" for what - *within the achievable window of that instrumental policy space* - is the question we should ask, because that gets to the core of the problem of current monetary policy and its efficacy <and one that isolates it from broader macroprudential policy mechanisms and options>
Amid ongoing concerns over European productivity growth, this ECB Blog post looks at the relationship between macroprudential policy and productivity link.europa.eu/FhW3kH
July 24, 2026 at 10:01 AM
Amid ongoing concerns over European productivity growth, this ECB Blog post looks at the relationship between macroprudential policy and productivity link.europa.eu/FhW3kH
Our latest Macroprudential Bulletin reviews the implementation of borrower-based macroprudential measures (BBMs) by banking union countries over the past decade.
www.ecb.europa.eu/press/financ...
www.ecb.europa.eu/press/financ...
June 25, 2025 at 9:25 AM
Our latest Macroprudential Bulletin reviews the implementation of borrower-based macroprudential measures (BBMs) by banking union countries over the past decade.
www.ecb.europa.eu/press/financ...
www.ecb.europa.eu/press/financ...
However significant changes aren't expected in H1 2026. According to bank officials the expectation is for mortgage rates to decrease by 1% every quarter. Under the current macroprudential limits and the strict polices banks are not expected to quickly reduce mortgage rates.
April 13, 2026 at 5:28 AM
However significant changes aren't expected in H1 2026. According to bank officials the expectation is for mortgage rates to decrease by 1% every quarter. Under the current macroprudential limits and the strict polices banks are not expected to quickly reduce mortgage rates.
It is expected that cards with open credit limits will cease to be a product. Whilst other loans may become more affordable with the lowering of the interest rate the macroprudential measures will have more of an effect on the expansion of the credit card portfolio.
July 17, 2025 at 11:11 AM
It is expected that cards with open credit limits will cease to be a product. Whilst other loans may become more affordable with the lowering of the interest rate the macroprudential measures will have more of an effect on the expansion of the credit card portfolio.
The banter outcome of a private credit implosion is macroprudential regulators deciding to move risk back into the banking system
October 30, 2025 at 3:02 PM
The banter outcome of a private credit implosion is macroprudential regulators deciding to move risk back into the banking system
US financial regulation is a sprawling mess of ineffective oversight & inefficiency, designed when financial institutions had siloed functions.
Modernizing the regulatory framework streamlining to a single oversight entity is not just efficient, it’s good macroprudential policy.
Modernizing the regulatory framework streamlining to a single oversight entity is not just efficient, it’s good macroprudential policy.
December 15, 2024 at 8:15 PM
US financial regulation is a sprawling mess of ineffective oversight & inefficiency, designed when financial institutions had siloed functions.
Modernizing the regulatory framework streamlining to a single oversight entity is not just efficient, it’s good macroprudential policy.
Modernizing the regulatory framework streamlining to a single oversight entity is not just efficient, it’s good macroprudential policy.
comes back to evaluating productivity
some tried calling out macroprudential
some tried calling out macroprudential
There's a chart for that (@atwilliams.bsky.social's flow chart)
Get ready to differentiate IRA/CHIPS vs tariff induced investment
Get ready to differentiate IRA/CHIPS vs tariff induced investment
March 3, 2025 at 2:02 PM
comes back to evaluating productivity
some tried calling out macroprudential
some tried calling out macroprudential
It also made it harder to reactivate the credit cards. Currently due to the introduction of the macroprudential measures regarding total debt burden banks are focusing on customers which have debt payments less than 50% of their declared income.
July 17, 2025 at 11:11 AM
It also made it harder to reactivate the credit cards. Currently due to the introduction of the macroprudential measures regarding total debt burden banks are focusing on customers which have debt payments less than 50% of their declared income.
This measure is the reason there's a cooling off of the market and it removed 40% of the potential borrowers. Since July 2024 the issuance have decreased 4 times. This is due to the high interest rate plus the macroprudential premiums.
April 14, 2025 at 7:27 AM
This measure is the reason there's a cooling off of the market and it removed 40% of the potential borrowers. Since July 2024 the issuance have decreased 4 times. This is due to the high interest rate plus the macroprudential premiums.
The next decision on macroprudential tools will be published on 1 October at 9:30 a.m.
September 24, 2026 at 5:32 AM
The next decision on macroprudential tools will be published on 1 October at 9:30 a.m.
She's continued with macroprudential measures to limit the debt burden of the poorest Russians despite yelling and protests from VTB and Sberbank and the entire banking and leasing sector.
September 11, 2026 at 4:52 PM
She's continued with macroprudential measures to limit the debt burden of the poorest Russians despite yelling and protests from VTB and Sberbank and the entire banking and leasing sector.