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: | 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 |
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