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Leaning Against the Wind and the Timing of Monetary Policy
If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework. Financial stability objectives are shown to make monetary policy more aggressive: in reaction to negative shocks, cuts are deeper but shorter-lived than otherwise. By keeping cuts brief, monetary policy tightens as soon as bank risk appetite heats up. Within this shorter time span, cuts must then be deeper than otherwise to also achieve standard objectives. Finally, we analyze how robust this result is to the presence of a bank regulatory tool, and provide a parameterized example.
Will Macroprudential Policy Counteract Monetary Policy’s Effects on Financial Stability?
How does monetary policy impact upon macroprudential regulation? This paper models monetary policy's transmission to bank risk taking, and its interaction with a regulator's optimization problem. The regulator uses its macroprudential tool, a leverage ratio, to maintain financial stability, while taking account of the impact on credit provision. A change in the monetary policy rate tilts the regulator's entire trade-off. We show that the regulator allows interest rate changes to partly "pass through" to bank soundness by not neutralizing the risk-taking channel of monetary policy. Thus, monetary policy affects financial stability, even in the presence of macroprudential regulation.
Seismic Isolation, Energy Dissipation and Active Vibration Control of Structures
This volume gathers the proceedings of the 17th World Conference on Seismic Isolation (17WCSI), held in Turin, Italy on September 11-15, 2022. Endorsed by ASSISi Association (Anti-Seismic Systems International Society), the conference discussed state-of-the-art information as well as emerging concepts and innovative applications related to seismic isolation, energy dissipation and active vibration control of structures, resilience and sustainability. The volume covers highly diverse topics, including earthquake-resistant construction, protection from natural and man-made impacts, safety of structures, vulnerability, international standards on structures with seismic isolation, seismic isolation in existing structures and cultural heritage, seismic isolation in high rise buildings, seismic protection of non-structural elements, equipment and statues. The contributions, which are published after a rigorous international peer-review process, highlight numerous exciting ideas that will spur novel research directions and foster multidisciplinary collaboration among different specialists.
La ceramica postmedievale in Abruzzo. Materiali dallo scavo di Piazza Caporali a Castel Frentano (CH)
Il volume nasce dal rinvenimento in Castel Frentano (centro abitato in provincia di Chieti) di resti di edifici, associato a materiale ceramico, nel corso dei lavori per la ristrutturazione di Piazza Caporali, e dunque dalla conseguente necessità di chiarirne l’epoca di costruzione e di demolizione, attraverso l’esecuzione di un saggio di scavo archeologico, anche se di modesta estensione. La ricostruzione storica proposta si è avvalsa sia della ricerca archeologica, applicata a contesti stratigrafici dal XVI al XIX sec. d.C., sia dell’analisi delle fonti storiche e dei documenti di archivio. Lo studio dei reperti ceramici di epoca postmedievale ha concorso a fare il punto della situazione, allo stato attuale delle conoscenze nella regione, nel tentativo di definire i centri di produzione nel quadro della circolazione e del consumo delle classi dei materiali esaminati. Il testo infine si arricchisce della descrizione puntuale e precisa dei reperti da Castel Frentano, coadiuvata da una restituzione grafica e da un aggiornato apparato bibliografico.
The New Bail-In Legislation
Financial stability is a pillar of well-functioning financial markets. After the last financial crisis, European policymakers harmonised banking regulation and revised the framework of banking resolution. The introduction of the bail-in legislation is a natural experiment to improve the understanding of banking resolution and how it affected the funding strategies of banks. This book assesses whether financial stability has been strengthened by the change in banks’ resolution policy with a focus on the bail-in. The book shows how banks changed their funding strategies, shrank their balance-sheets and relied more on deposits. The book will discuss inter-alia the mis-selling of bonds, which ...
Italians to America
Italians to America is the first indexed reference work devoted to Italian immigrants to the United States. This series contains passenger list information in chronological order on the first major wave of Italian migration during the last two decades of the 19th century, as well as the beginning of the 20th century. Each volume also contains an introduction on the history of Italian migration to the U.S. and a full name index, greatly simplifying the researcher's job.
Methodologies and Intelligent Systems for Technology Enhanced Learning, 10th International Conference. Workshops
This book features papers from workshops at the 10th International Conference on Methodologies and Intelligent Systems for Technology Enhanced Learning, which was hosted by the University of L'Aquila (Italy) from 17th to 19th June 2020. The workshops provided participants with the opportunity to present and discuss novel research ideas on emerging topics complementing the main conference. They particularly focused on multi-disciplinary and transversal aspects such as TEL in nursing education programs, social and personal computing for web-supported learning communities, interactive environments and emerging technologies for eLearning, and TEL for future citizens.
Macroprudential Banking Supervision & Monetary Policy
The European experience suggests that the efforts made to achieve an efficient trade-off between monetary policy and prudential supervision ultimately failed. The severity of the global crisis have pushed central banks to explore innovative tools—within or beyond their statutory constraints—capable of restoring the smooth functioning of the financial cycle, including setting macroprudential policy instruments in the regulatory toolkit. But macroprudential and monetary policies, by sharing multiple transmission channels, may interact—and conflict—with each other. Such conflicts may represent not only an economic challenge in the pursuit of price and financial stability, but also a legal uncertainty characterizing the regulatory developments of the EU macroprudential and monetary frameworks. In analyzing the “legal interaction” between the two frameworks in the EU, this book seeks to provide evidence of the inconsistencies associated with the structural separation of macroprudential and monetary frameworks, shedding light upon the legal instruments that could reconcile any potential policy inconsistency.
