| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14564 |
| DP14564 The costs of macroprudential deleveraging in a liquidity trap | |
| Jesper Linde; Daria Finocchiaro; Karl Walentin; Jack Chen | |
| 发表日期 | 2020-04-05 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | What are the effects of different borrower-based macroprudential tools when both real and nominal interest rates are low? We study this question in a New Keynesian model featuring long-term debt, housing transaction costs and a zero lower bound constraint on policy rates. We find that the long-term costs, in terms of output losses, of all the macroprudential tools we consider are moderate. However, the short-term costs differ substantially between tools. Moreover, the costs vary depending on the current state of economy and monetary policy. Specifically, a loan-to-value tightening is more than three times as contractionary compared to a loan-to-income tightening when debt is high and monetary policy cannot accommodate. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Household debt Zero lower bound New keynesian model Collateral and borrowing constraints Mortgage interest deductibility Housing prices |
| URL | https://cepr.org/publications/dp14564-0 |
| 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/543469 |
| 推荐引用方式 GB/T 7714 | Jesper Linde,Daria Finocchiaro,Karl Walentin,et al. DP14564 The costs of macroprudential deleveraging in a liquidity trap. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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