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Publications of Robert Macrae

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Opinion Pieces

Bitcoin isn’t much of a macro hedge

Bitcoin is often sold as protection against adverse macroeconomic outcomes. This column argues that this depiction as a macro hedge does not stand up...

June 2022
Jon Danielsson
Robert Macrae

Academic journals

Artificial intelligence and systemic risk

Journal of Banking & Finance (forthcoming)

June 2022
Jon Danielsson
Robert Macrae
Andreas Uthemann

Opinion Pieces

Sanctions, war, and systemic risk in 1914 and 2022

The Western countries have sanctioned Russia in a way not applied to any globally integrated major power in over a century, ever since 1914. This...

March 2022
Jon Danielsson
Charles Goodhart
Robert Macrae

Opinion Pieces

The coronavirus crisis is no 2008

Many comparisons have been made between the coronavirus crisis and the global systemic crisis in 2008. This column argues that seen through the lens...

March 2020
Jon Danielsson
Robert Macrae
Dimitri Vayanos
Jean-Pierre Zigrand

Opinion Pieces

Artificial intelligence as a central banker

Artificial intelligence, such as the Bank of England Bot, is set to take over an increasing number of central bank functions. This column argues that...

March 2020
Jon Danielsson
Robert Macrae
Andreas Uthemann

Opinion Pieces

Systemic consequences of outsourcing to the cloud

Financial institutions are increasingly outsourcing information technology to the cloud, motivated by efficiency, security, and cost. This column...

December 2019
Jon Danielsson
Robert Macrae

Opinion Pieces

The dissonance of the short and long term

The type of risk we most care about is long-term, what happens over years or decades, but we tend to manage that risk over short periods. This column...

August 2019
Jon Danielsson
Robert Macrae

Special Papers

Artificial Intelligence and Systemic Risk

Artificial intelligence (AI) is rapidly changing how the financial system is operated, taking over core functions because of cost savings and...

July 2019
SP 16
Jon Danielsson
Robert Macrae
Andreas Uthemann

Opinion Pieces

The hierarchy of financial policies

Financial policy is determined in multiple domains by separate government authorities. This column explores the hierarchical ranking of these domains...

September 2018
Jon Danielsson
Robert Macrae

Special Papers

Artificial intelligence, financial risk management and systemic risk

Artificial intelligence (AI) is rapidly changing how financial institutions are operated and regulated. The authors discuss the benefits and danger...

November 2017
SP 13
Jon Danielsson
Robert Macrae
Andreas Uthemann

Opinion Pieces

Brexit and systemic risk

Brexit is likely to cause considerable disruption for financial markets. Some worry that it may also increase systemic risk. This column revisits the...

May 2017
Jon Danielsson
Robert Macrae
Eva Micheler

Opinion Pieces

Why macropru can end up being procyclical

Discretionary macroprudential policies aim to be countercyclical by adjusting risk-taking across the financial cycle. This column argues that the...

December 2016
Jon Danielsson
Robert Macrae
Dimitri Tsomocos
Jean-Pierre Zigrand

Opinion Pieces

The fatal flaw in macropru: It ignores political risk

Political risk is a major cause of systemic financial risk. This column argues that both the integrity and the legitimacy of macroprudential policy...

December 2016
Jon Danielsson
Robert Macrae

Opinion Pieces

Why it doesn't make sense to hold bonds

Investor demand for bonds is very high. This column argues that this is surprising because under almost any likely inflation scenario, including...

June 2016
Balázs Csullag
Jon Danielsson
Robert Macrae

Opinion Pieces

On the financial market consequences of Brexit

Brexit creates new opportunities and new risks for the British and EU financial markets. Both could benefit, but a more likely outcome is a fall in...

June 2016
Jon Danielsson
Robert Macrae
Jean-Pierre Zigrand

Opinion Pieces

Cyber risk as systemic risk

The threat to the financial system posed by cyber risk is often claimed to be systemic. This column argues against this, pointing out that almost all...

June 2016
Jon Danielsson
Morgane Fouché
Robert Macrae

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Charles Goodhart featured in the Wall Street Journal

Eva Micheler's new book is out now

A Roundtable on The Treasury’s Future Framework Review

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Financializing the non-financial firm

An Institutional Theory of the Firm

The Power Law: venture capital and the art of disruption

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Speculator Spreading Pressure and the Commodity Futures Risk ...

Hedge Funds and Financial Intermediaries

Optimal forest preservation over time and space in the Brazi ...

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Bitcoin isn’t much of a macro hedge

Covid-19 and trust among the young

Artificial intelligence and systemic risk

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