This course will consider the role of leverage and asset prices for macroeconomic outcomes. It will first discuss stylized facts about leverage cycles, credit growth, interest rates and asset prices over the long-run, before moving on to studying financial crises.
In particular, it will focus on how different economic indicators perform in crisis prediction models, and ask what role bank capital ratio and liquidity ratios play for financial stability.
In the last part of the course the effectiveness of macro-prudential and monetary policy in taming credit cycles will be discussed, followed by an assessment of how such policies affect the real economy.
Financial cycles and the economy;
Interest rates and returns on capital;
Financial crisis prediction: tools and accuracy;
Bank capital and financial stability;
Debt overhang and recovery from crises;
Managing credit booms: macroprudential vs. monetary policy
Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to firstname.lastname@example.org before registering. FBF secretariat will provide you with a code to register. *Seats for academics are limited.
Please note that the payment must be settled one week before the start of the course.
The fee includes tuition, access to all course materials and pedagogic activities, coffee and lunch breaks and social activities. It does not include travel and accommodation expenses or other local transportation costs (taxis, private cars).
Limited seats per institution
A certificate of attendance will be provided to all participants after the course.
In case you can no longer attend the course, you are required to inform the organisers by sending an email to email@example.com in order to free a seat for participants in the waiting list.
In case of frequent cancellations, FBF reserves the right not to accept further registrations from the same person.
Florence airport is located 8 km from the city centre, approximately 30 minutes by taxi or bus. Taxis can be found outside the arrivals terminal; no reservation is needed. A taxi ride from the airport costs about €20 and takes approximately 25/30 minutes.
A tramway (line T2) connects the airport to the city centre. Trains leave from the airport terminal and take 20 minutes to the main railway station. One-way tickets can be bought from vending machines for €1.50.
Bus tickets are sold outside the railway station, at Autolinee Toscane ticket kiosks and vending machines, tobacconists (tabacchi), newspaper kiosks (edicole), and most cafes (bar). They must be bought before boarding and stamped using the machine on the bus. A ticket costs €1.50 and it is valid for 90 minutes. Bus tickets can be purchased also on board (€ 2.50), but the driver is not obliged to give change.
From the A1 Milano-Napoli (Autostrada del Sole), take the Firenze Sud exit and follow directions to the city centre/Stadio. Follow the directions to the stadium (Stadio), then for Fiesole. San Domenico is on the main road to Fiesole.
The EUI has several free parking areas available all over the Campus.
Registered participants can access the course material using the password provided by the FBF secretariat.