| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13400 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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