Rebucci, Alessandro; Benigno, Gianluca; Chen, Huigang; … - Inter-American Development Bank - 2011
during financial crises. That is to say that, ex post or crisis-management policies dominate ex ante or macro-prudential ones. … welfare terms. Moreover, macro-prudential policies aimed at minimizing the probability of the crisis event might be welfare … of mimicking both the business cycles and the crisis events associated with the sudden stop in access to credit markets …