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shocks results in 65.1% of the variation in GDP being explained by commodity price shocks vs. 55.1% for the case when frictions are

BRANDEIS INTERNATIONAL BUSINESS SCHOOL Has Regulatory Capital Made Banks Safer? Discussion by Stephen G. Cecchetti www.moneyandbanking.com The Question When capital requirements go up,

Quest for Robust Optimal Macroprudential Policy Pablo Aguilar, Stephan Fahr, Eddie Gerba and Samuel Hurtado Discussion by Armen Nurbekyan, Central Bank of Armenia Macroprudential Policy

CET1 level: banks with lower distance by 17.7%, banks with higher distance by 13% • Total capital increase by 8-11% and shows less variation across

measured by frequency-based (bandpass) filters capturing medium-term cycles in real credit, the credit-to-GDP ratio and real house prices. 2 The business cycle as measured by

HOW DO FINANCIAL VULNERABILITIES AND BANK RESILIENCE AFFECT MEDIUM-TERM MACROECONOMIC TAIL RISK? Discussion by Elena Deryugina and Alexey Ponomarenko All views expressed in this presentation

Private Consumption Growth Tightening by Tightening Tightening by Tightening Less than 10 ppts by 10- 25 ppts Less than 10 ppts by 10- 25 ppts

purpose of maintaining caused by financial pyramids financial stability and preventing decreased by more than 5x times system shocks caused by misconduct FINANCIAL SECTOR OVERVIEW

Unsterilized FX intervention by buying FX relaxes ELB It reduces outflows by depreciating exchange rate Sterilized FX intervention by selling FX to buy bonds relaxes

a New Database by Z. Alam, A. Alter, J. Eiseman, G. Gelos, H. Kang, M. Narita, E. Nier and N. Wang Discussion by A. Nobili