Optimal Macroprudential Policy and Asset Price Bubbles /

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond to bu...

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Бібліографічні деталі
Автор: Biljanovska, Nina
Інші автори: Gornicka, Lucyna, Vardoulakis, Alexandros
Формат: Журнал
Мова:English
Опубліковано: Washington, D.C. : International Monetary Fund, 2019.
Серія:IMF Working Papers; Working Paper ; No. 2019/184
Онлайн доступ:Full text available on IMF