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,...

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Dades bibliogràfiques
Autor principal: Chen, Jiaqian
Altres autors: Finocchiaro, Daria, Linde, Jesper, Walentin, Karl
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