ECIN Replication Package for "Macroprudential Policies and Brexit: A Welfare Analysis"

<div>Brexit will have implications on financial stability and the implementation of macroprudential policies. The United Kingdom (UK) will no longer be subject to the jurisdiction of the European Systemic Risk Board (ESRB). This paper studies the welfare implications of this change of regime. By means of a Dynamic Stochastic General Equilibrium model (DSGE), I compare the pre-Brexit scenario with the new one, in which the UK sets macroprudential policy independently. I find that, after Brexit, the UK is better o¤ by setting its own macroprudential policy without taking into account Europe's welfare as a whole.</div>

脱欧将对金融稳定及宏观审慎政策（macroprudential policies）的实施产生影响。英国（United Kingdom, UK）将不再受欧洲系统性风险委员会（European Systemic Risk Board, ESRB）的管辖。本文研究了这一体制变革的福利效应。本文通过动态随机一般均衡模型（Dynamic Stochastic General Equilibrium model, DSGE），将脱欧前情景与英国独立制定宏观审慎政策的全新情景进行对比分析。研究发现，脱欧后英国无需考量欧洲整体福利，自主制定本国宏观审慎政策将更有利于提升自身福利水平。