The Costs of Macroprudential Deleveraging in a Liquidity Trap /
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term costs,...
Autor principal: | |
---|---|
Altres autors: | , , |
Format: | Revista |
Idioma: | English |
Publicat: |
Washington, D.C. :
International Monetary Fund,
2020.
|
Col·lecció: | IMF Working Papers; Working Paper ;
No. 2020/089 |
Accés en línia: | Full text available on IMF |