| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11180 |
| DP11180 Dynamic Debt Deleveraging and Optimal Monetary Policy | |
| PIerpaolo Benigno; Federica Romei; Gauti Eggertsson | |
| 发表日期 | 2016-03-20 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper studies optimal monetary policy under dynamic debt deleveraging once the zero bound is binding. Unlike much of the existing literature, the natural rate of interest is endogenous and depends on macroeconomic policy. We provide microfoundation for debt deleveraging based both on household over accumulation of debt and leverage constraint on banks; and show that they are isomorphic in our proposed post-crisis New Keynesian model, thus integrating two popular narrative for the crisis. Optimal monetary policy successfully raises the natural rate of interest by creating an environment that speeds up deleveraging, thus endogenously shortening the duration of the crisis and a binding zero bound. Inflation should be front loaded. Fiscal-policy multipliers can be even higher than in existing models, but depend on the way in which public spending is financed. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp11180 |
| 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/539996 |
| 推荐引用方式 GB/T 7714 | PIerpaolo Benigno,Federica Romei,Gauti Eggertsson. DP11180 Dynamic Debt Deleveraging and Optimal Monetary Policy. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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