| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26397 |
| 来源ID | Working Paper 26397 |
| Optimal Policy for Macro-Financial Stability | |
| Gianluca Benigno; Huigang Chen; Christopher Otrok; Alessandro Rebucci; Eric R. Young | |
| 发表日期 | 2019-10-28 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | There is a new and now extensive literature analyzing government policies for financial stability based on models with endogenous borrowing constraints. These normative analyses often build upon the concept of constrained efficient allocation, where the social planner is constrained by the same borrowing limit that agents face. In this paper, we show that the same set of policy tools that implement the constrained efficient allocation can be used optimally by a Ramsey planner to replicate the unconstrained allocation, thus achieving higher welfare. We establish this in the context of a well-known model economy, but the result is relevant whenever the policy instrument that is assigned to the planner can affect the market price that determines the value of collateral in the borrowing constraint. The result implies that a robust normative analysis in this model class requires explicit computations of the Ramsey optimal policy problem. |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Financial Markets ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w26397 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584071 |
| 推荐引用方式 GB/T 7714 | Gianluca Benigno,Huigang Chen,Christopher Otrok,et al. Optimal Policy for Macro-Financial Stability. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26397.pdf（310KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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