| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8015 |
| DP8015 Managing Credit Booms and Busts: A Pigouvian Taxation Approach | |
| Olivier Jeanne; Anton Korinek | |
| 发表日期 | 2010-09-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We study a dynamic model in which the interaction between debt accumulation and asset prices magnifies credit booms and busts. We find that borrowers do not internalize these feedback effects and therefore suffer from excessively large booms and busts in both credit flows and asset prices. We show that a Pigouvian tax on borrowing may induce borrowers to internalize these externalities and increase welfare. We calibrate the model by reference to (i) the US small and medium-sized enterprise sector and (ii) the household sector, and find the optimal tax to be countercyclical in both cases, dropping to zero in busts and rising to approximately half a percentage point of the amount of debt outstanding during booms. |
| 主题 | International Macroeconomics |
| 关键词 | Boom-bust cycles Financial crises Macro-prudential regulation Precautionary savings Systemic externalities |
| URL | https://cepr.org/publications/dp8015 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536852 |
| 推荐引用方式 GB/T 7714 | Olivier Jeanne,Anton Korinek. DP8015 Managing Credit Booms and Busts: A Pigouvian Taxation Approach. 2010. |
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