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Macroprudential policies: promises and challenges

Macroprudential policy: promise and challenges

  • Topics covered

    • A primer on financial markets modeling in open economy models and fundamentals of macro models of financial crises
    • Stylized facts of credit booms and Sudden Stops
    • Collateral constraints and the case for Macroprudential policy
    • Quantifying the effectiveness of optimal v. simple financial policy rules in Sudden Stop models
    • Time-inconsistency in the conduct of macropudential policy
    • The interaction between monetary and financial policies (Tinbergen’s rule and the need for coordination)
  • Meet the instructor

    Enrique G. Mendoza is Presidential Professor of Economics and Director of the Penn Institute for Economic Research at the University of Pennsylvania, where he joined in 2013. Before that, he was Neil Moskowitz Professor of Economics at the University of Maryland, and held positions at the International Monetary Fund, the Board of Governors of the Federal Reserve System and Duke University.

    He is a 1989 PhD from the University of Western Ontario, a Research Associate of the NBER, and member of the BIS Advisory Panel and of the Latin American Shadow Financial Regulatory Committee. He has served as panel member of the NSF Economics program and in the editorial boards of several journals, including the American Economic Review.

    His research focuses on international capital flows, financial crises, sovereign debt and international business cycles. His main publications include: “A General Equilibrium Model of Sovereign Default and Business Cycles” with V. Yue, Quarterly Journal of Economics, 2012, “Sudden Stops, Financial Crises & Leverage,” American Economic Review, 2010, “Financial Integration, Financial Development and Global Imbalances,” with V. Quadrini and J. V. Rios-Rull, Journal of Political Economy, 2009, and “Real Business Cycles in a Small Open Economy,” American Economic Review, 1991.

  • 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.

  • Prerequisites

    Degree in Economics; proficiency in mathematics, statistics and macro-modelling.
  • Fees

    1500 € – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions*

    2000€ – Private Sector*

    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 institution or private company, a reduced fee is applied for each of them (€ 1000 public sector and 1300 € private sector), under the following conditions:
    • 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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  • Reading material

    Registered participants can access the course materials on this page, using the password provided by the course secretariat.