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来源类型Working Paper
规范类型报告
DOI10.3386/w28879
来源IDWorking 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
URLhttps://www.nber.org/papers/w28879
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/586553
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GB/T 7714
Eduardo Dávila,Ansgar Walther. Prudential Policy with Distorted Beliefs. 2021.
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