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,...
| Главный автор: | |
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| Другие авторы: | , , |
| Формат: | Журнал |
| Язык: | English |
| Опубликовано: |
Washington, D.C. :
International Monetary Fund,
2020.
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| Серии: | IMF Working Papers; Working Paper ;
No. 2020/089 |
| Online-ссылка: | Full text available on IMF |