Borrowing from Brunnermeier and Sannikov (2016a, 2019) this policy paper sketches a policy framework for emerging market economies by mapping out the roles and interactions of monetary policy, macroprudential policies, foreign exchange interventions, and capital controls. Safe assets are central in ...
Keywords:
Safe asset, bubbles, international capital flows, capital controls, monetary policy, macroprudential policy, FX interventions, capital controls
