| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13816 |
| DP13816 (Macro) Prudential Taxation of Good News | |
| Facundo Piguillem; Jean Flemming; Jean-Paul L'Huillier | |
| 发表日期 | 2019-06-21 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We analyze the optimal macroprudential policy under the presence of news shocks. News are shocks to the growth rate that convey information about future growth. In this context, crises are characterized by long periods with positive shocks (and good news) that eventually revert, rendering the collateral constraint binding and triggering deleveraging. In this environment it is optimal to tax borrowing during good times, and let agents act freely leaving the allocations undistorted, including borrowing and lending, when the economy reverts to a bad state. We contrast our findings to the case of standard, shocks to the level of income, where it is optimal to tax debt in bad times, when agents need to borrow the most for precautionary savings motives. Also, taxes are used much less often and are around one-tenth of those under level shocks. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Macroprudential policy Financial crises Pecuniary externality |
| URL | https://cepr.org/publications/dp13816 |
| 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/542690 |
| 推荐引用方式 GB/T 7714 | Facundo Piguillem,Jean Flemming,Jean-Paul L'Huillier. DP13816 (Macro) Prudential Taxation of Good News. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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