G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13400
DP13400 House Price Dynamics, Optimal LTV Limits and the Liquidity Trap
Andrea Ferrero; Richard Harrison; Benjamin Nelson
发表日期2018-12-17
出版年2018
语种英语
摘要The inception of macro-prudential policy frameworks in the wake of the global financial crisis raises questions about the effects of the newly available policy tools and their interaction with the existing ones. We study the optimal setting of a loan-to-value (LTV) limit, and its implications for optimal monetary policy, in a model with nominal rigidities and financial frictions. The welfare-based loss function implies a role for macro-prudential policy to enhance risk-sharing. Following a house price boom-bust episode, macro-prudential policy alleviates debt-deleveraging dynamics and prevents the economy from falling into a liquidity trap. In this scenario, optimal policy always entails countercyclical LTV limits, while the response of the nominal interest rate depends on the nature of the underlying shock driving house prices.
主题Monetary Economics and Fluctuations
关键词Monetary and macro-prudential policy Financial crisis Zero lower bound
URLhttps://cepr.org/publications/dp13400
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/542210
推荐引用方式
GB/T 7714
Andrea Ferrero,Richard Harrison,Benjamin Nelson. DP13400 House Price Dynamics, Optimal LTV Limits and the Liquidity Trap. 2018.
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