全球智库信息集成服务系统(G2TT): Prudential Policy with Distorted Beliefs

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w28879
来源ID	Working Paper 28879
	Prudential Policy with Distorted Beliefs
	Eduardo Dávila; Ansgar Walther
发表日期	2021-06-07
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	Macroeconomics ; Monetary Policy ; Fiscal Policy ; Financial Economics ; Financial Institutions
URL	https://www.nber.org/papers/w28879
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/586553
推荐引用方式 GB/T 7714	Eduardo Dávila,Ansgar Walther. Prudential Policy with Distorted Beliefs. 2021.