| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8890 |
| DP8890 On the optimal supply of liquidity with borrowing constraints | |
| Francesco Lippi; Nicholas Trachter | |
| 发表日期 | 2012-03-01 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We characterize policies for the supply of liquidity in an economy where agents have a precautionary savings motive due to random production opportunities and the presence of borrowing constraints. We show that a socially efficient provision of liquidity involves a trade-off between insurance and production incentives. Two scenarios are studied: if no aggregate information is available to the policy maker, constant flat expansions are socially beneficial if unproductive spells are sufficiently long. If some aggregate information is available, a socially beneficial state-dependent policy prescribes expanding the supply of liquidity in recessions and contracting it in expansions. |
| 主题 | International Macroeconomics |
| 关键词 | Friedman rule Heterogenous agents Incomplete markets Liquidity Precautionary savings State dependent policy. |
| URL | https://cepr.org/publications/dp8890 |
| 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/537726 |
| 推荐引用方式 GB/T 7714 | Francesco Lippi,Nicholas Trachter. DP8890 On the optimal supply of liquidity with borrowing constraints. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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