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Financial Frictions and Macroprudential Policies

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  • General description

    This course will consider alternative frameworks to think about financial frictions and aggregate economy activity to understand financial crisis, business cycle and public policies.

    After a historical overview of financial crisis and a basic financial accelerator model, which emphasizes the interaction between borrowing constraint, asset price and aggregate production, the instructor will introduce the liquidity constraint in addition to borrowing constraint to examine financial deepening, business cycles and monetary policy.

    Finally, the course will focus on financial intermediaries and government to study financial crisis, sovereign debt crisis, credit policy and macro prudential policy.

  • Topics covered

    • Rationale for macroprudential policy;
    • DSGE models with a financial sector;
    • Interactions between the real and the financial sectors;
    • Financial accelerator, booms and busts.

  • How the course will work

    Total course length: between 15 and 18 hours.

    A certificate of attendance will be provided to all participants after the course.

  • Meet the instructor

    Nobuhiro Kiyotaki is Professor of Economics at Princeton University. He received his PhD. at Harvard University. He has published widely in macroeconomics and monetary economics, including “Monopolistic Competition and the Effects of Aggregate Demand,” with Olivier Blanchard in 1987, “On Money as a Medium of Exchange,” with Randall Wright in 1989, and “Credit Cycles,” with John Moore in 1997.

    He also serves as an academic consultant for the Federal Reserve Bank of New York and the Federal Reserve Bank of Richmond. Among professional honors, Kiyotaki received 2014 Banque de France -Toulouse School of Economics Senior Prize in Monetary Economics and Finance, 2010 Stephen A. Ross Prize in Financial Economics and 1999 EEA Yrjo Jahnsson Award together with John Moore. He is a Fellow of Econometric Society and a Fellow of British Academy.

  • Prerequisites

    A Degree in Economics is strictly required, with proficiency in mathematics, statistics and macro-modelling.

  • Fees

    1750€ – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions*

    2250€ – Private Sector

    1000€ – Research assistants or Associate Professors

    850€ – Students (with certificate of studies)

    The course fee covers coffee and lunch breaks. Travel and hotel costs are not included.

    * In case of registration of 3 participants from the same public body, the course fee is waived for one of them. To benefit from the deal:

    • the names of the 3 participants have to be communicated to fbf@eui.eu before registering
    • the names of other registered people from the same institution cannot be communicated. It is upon your responsibility to get in touch with your HR division
    • a single debit note will be issued for the 3 participants followed by one payment


    • In case a course is cancelled, registered participants will receive the full refund.
    • In case a course is moved to another date, registered participants may request a voucher to attend another FBF course.
    • Registered participants who cancel their participation will receive a voucher to attend another FBF course.

    For more details, please contact fbf@eui.eu
  • Practical information


    Recommended hotels:
    Hotel Villa La Stella (20 min walking distance from EUI )
    Hotel Cellai
    Hotel Palazzo Ricasoli
    Hotel de la Pace
    Hotel Athenaeum


    On arrival, participants will be provided with temporary wi-fi access for the whole duration of the course.

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    The personal information you have provided will be processed in compliance with the EUI Privacy Statement for conferences.
    For general queries: fbf@eui.eu

  • Course material

    Registered participants can access the course material using the password provided by the FBF secretariat.