http://www.bis.org/cbhub/list/author/author_10318/index.rss Research hub papers by author Micha Brzoza-Brzezina en http://www.nbp.pl/publikacje/materialy_i_studia/192_en.pdf National Bank of Poland Working papers by Micha Brzoza-Brzezina , Paolo Gelain, Marcin Kolasa Monetary and macroprudential policy with multiperiod loans 2014-12-19T12:33:00Z This Working Paper should not be reported as representing the views of either Norges Bank or the Narodowy Bank Polski. The views expressed are those of the authors and do not necessarily reflect those of either Norges Bank or the Narodowy Bank Polski. We would like to thank Markus Brunnermeier, Carlos Garriga, Matteo Iacoviello, Michael Kiley, Christoer Kok, Caterina Mendicino, Gisle J. Natvik, Johannes Pfeifer, Roman Sustek, Andrea Tambalotti, Harald Uhlig and Gauthier Vermandel for useful discussions and suggestions. This paper also beneted from comments by the participants of the Computing in Economics and Finance conference in Oslo, Annual Meeting of the Society for Economic Dynamics in Toronto, Dynare conference in Paris, Central Bank Macroeconomic Modeling Workshop in Rome, International Macro-economics Workshop at the University of Rennes, WGEM meeting at the European Central Bank and the NBP Summer Workshop in Warsaw. Monetary and macroprudential policy with multiperiod loans 2014-12-19T12:33:00Z Full text http://www.nbp.pl/publikacje/materialy_i_studia/192_en.pdf Micha Brzoza-Brzezina Marcin Kolasa Paolo Gelain Micha Brzoza-Brzezina, Paolo Gelain, Marcin Kolasa 2000 National Bank of Poland Working papers E44 E51 E52 http://www.nbp.pl/publikacje/materialy_i_studia/159_en.pdf National Bank of Poland Working papers by Micha Brzoza-Brzezina, Marcin Kolasa, Krzysztof Makarski A penalty function approach to occasionally binding credit constraints 2013-10-29T17:54:59Z A penalty function approach to occasionally binding credit constraints 2013-10-29T17:54:59Z Full text http://www.nbp.pl/publikacje/materialy_i_studia/159_en.pdf Micha Brzoza-Brzezina Marcin Kolasa Krzysztof Makarski Micha Brzoza-Brzezina, Marcin Kolasa, Krzysztof Makarski 2013 National Bank of Poland Working papers http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1589.pdf European Central Bank Working papers by Micha Brzoza-Brzezina, Marcin Kolasa, Krzysztof Makarski Macroprudential policy instruments and economic imbalances in the euro area 2013-09-18T17:50:59Z Since its creation the euro area suffered from imbalances between its core and peripheral members. This paper checks whether macroprudential policy tools - applied in a countercyclical fashion as known from the DSGE literature to the peripheral countries - could contribute to providing more macroeconomic stability in this region. To this end we build a two-economy macrofinancial DSGE model and simulate the effects of macroprudential tools under the assumption of asymmetric shocks hitting the core and the periphery. We find that a countercyclical application of macroprudential tools is able to partly make up for the loss of independent monetary policy in the periphery. Moreover, LTV policy seems more efficient than regulating capital adequacy ratios. However, for the policies to be effective, they must be set individually for each region. Area-wide policy is almost ineffective in this respect. Macroprudential policy instruments and economic imbalances in the euro area 2013-09-18T17:50:59Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1589.pdf Micha Brzoza-Brzezina Marcin Kolasa Krzysztof Makarski Micha Brzoza-Brzezina, Marcin Kolasa, Krzysztof Makarski 2013-09-18 European Central Bank Working papers