| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9989 |
| DP9989 Credit Spreads and Credit Policies | |
| Isabel Correia; Pedro Teles; Oreste Tristani; Fiorella De Fiore | |
| 发表日期 | 2014-05-25 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | How should monetary and fiscal policy react to adverse financial shocks? If monetary policy is constrained by the zero lower bound on the nominal interest rate, subsidising the interest rate on loans is the optimal policy. The subsidies can mimic movements in the interest rate and can therefore overcome the zero bound restriction. Credit subsidies are optimal irrespective of how they are financed. If debt is not state contingent, they result in a permanent increase in the level of public debt and future taxes, and in a permanent reduction in output. |
| 主题 | International Macroeconomics |
| 关键词 | Banks Credit policies Credit subsidies monetary policy Zero bound on interest rates |
| URL | https://cepr.org/publications/dp9989 |
| 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/538821 |
| 推荐引用方式 GB/T 7714 | Isabel Correia,Pedro Teles,Oreste Tristani,et al. DP9989 Credit Spreads and Credit Policies. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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