| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14440 |
| DP14440 The Side Effects of Safe Asset Creation | |
| Sushant Acharya; Keshav Dogra | |
| 发表日期 | 2020-02-24 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We present an incomplete markets model to understand the costs and benefits of increasing government debt when an increased demand for safety pushes the natural rate of interest below zero. A higher demand for safety widens spreads, causing the ZLB to bind and increasing unemployment. Higher government debt satiates the demand for safe assets, raising the natural rate, and restoring full employment. This entails permanently lower investment which reduces welfare, since our economy is dynamically efficient even when the natural rate is negative. Despite this, increasing debt is optimal if alternative instruments are unavailable. Alternative policies which permit negative real interest rates - higher inflation targets, negative nominal rates - achieve full employment without reducing investment. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Safe assets Negative natural rate Crowding out risk premium Liquidity traps |
| URL | https://cepr.org/publications/dp14440 |
| 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/543338 |
| 推荐引用方式 GB/T 7714 | Sushant Acharya,Keshav Dogra. DP14440 The Side Effects of Safe Asset Creation. 2020. |
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