Benigno, Gianluca; Chen, Huigang; Otrok, Christopher M.; … - 2010
, ex post or crisis-management policies dominate ex ante or macro-prudential ones. … of mimicking both the business cycles and the crisis events associated with the sudden stop in access to credit markets … normal times. As a result, macro-prudential policies (i.e. Tobin taxes or economy-wide controls on capital inflows) are …