| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8322 |
| DP8322 Credit Channels in a Liquidity Trap | |
| Morten Ravn; Karel Mertens | |
| 发表日期 | 2011-04-03 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We study liquidity trap dynamics driven by nonfundamental shifts in expectations in a model with nominal rigidities, housing, credit frictions and a Taylor rule. Highly leveraged borrowing through nominal debt backed by real estate collateral greatly magnifies the decline in output and house prices during a liquidity trap recession. The amplification mechanism is much smaller when there is no feedback from house prices to the borrowing constraint, when debt is real rather nominal, and when leverage is small. We argue that the liquidity trap dynamics share some important features with the recent US recession and that high levels of leverage may have made the economy sensitive to expectations induced liquidity traps. |
| 主题 | International Macroeconomics |
| 关键词 | Collateral constraint Expectations Housing Leverage Liquidity trap |
| URL | https://cepr.org/publications/dp8322 |
| 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/537204 |
| 推荐引用方式 GB/T 7714 | Morten Ravn,Karel Mertens. DP8322 Credit Channels in a Liquidity Trap. 2011. |
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