| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16197 |
| DP16197 Prudential Policy with Distorted Beliefs | |
| Ansgar Walther; Eduardo Dávila | |
| 发表日期 | 2021-05-27 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper studies leverage regulation and monetary policy when equity investors and/or creditors have distorted beliefs relative to a planner. We characterize how the optimal leverage regulation responds to arbitrary changes in investors' and creditors' beliefs and relate our results to practical scenarios. We show that the optimal regulation depends on the type and magnitude of such changes. Optimism by investors calls for looser leverage regulation, while optimism by creditors, or jointly by both investors and creditors, calls for tighter leverage regulation. Monetary policy should be tightened (loosened) in response to either investors' or creditors' optimism (pessimism). |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Prudential policy Distorted beliefs Leverage regulation Bailouts monetary policy |
| URL | https://cepr.org/publications/dp16197 |
| 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/545168 |
| 推荐引用方式 GB/T 7714 | Ansgar Walther,Eduardo Dávila. DP16197 Prudential Policy with Distorted Beliefs. 2021. |
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