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,...
| Հիմնական հեղինակ: | |
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| Այլ հեղինակներ: | , , |
| Ձևաչափ: | Ամսագիր |
| Լեզու: | English |
| Հրապարակվել է: |
Washington, D.C. :
International Monetary Fund,
2020.
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| Շարք: | IMF Working Papers; Working Paper ;
No. 2020/089 |
| Առցանց հասանելիություն: | Full text available on IMF |
| Ամփոփում: | 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, in terms of forgone consumption, of all the macroprudential tools we consider are moderate. Even so, the short-term costs differ dramatically between alternative tools. Specifically, a loan-to-value tightening is more than twice as contractionary compared to loan-to-income tightening when debt is high and monetary policy cannot accommodate. |
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| Նյութի նկարագրություն: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Ֆիզիկական նկարագրություն: | 1 online resource (66 pages) |
| Ձևաչափ: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| Հասանելի: | Electronic access restricted to authorized BRAC University faculty, staff and students |