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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Bibliografske podrobnosti
Glavni avtor: Biljanovska, Nina
Drugi avtorji: Gornicka, Lucyna, Vardoulakis, Alexandros
Format: Revija
Jezik:English
Izdano: Washington, D.C. : International Monetary Fund, 2019.
Serija:IMF Working Papers; Working Paper ; No. 2019/184
Online dostop:Full text available on IMF