| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29204 |
| 来源ID | Working Paper 29204 |
| Are Collateral-Constraint Models Ready for Macroprudential Policy Design? | |
| Pablo Ottonello; Diego J. Perez; Paolo Varraso | |
| 发表日期 | 2021-09-06 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study the design of macroprudential policies based on quantitative collateral-constraint models. We show that the desirability of macroprudential policies critically depends on the specific form of collateral used in debt contracts: While inefficiencies arise when current prices affect collateral---a frequent benchmark used to guide policies---they do not when only future prices affect collateral. Since the microfoundations and quantitative predictions of models with future-price collateral constraints do not appear less plausible than those using current prices, we conclude that additional empirical work is essential for the use of these models in macroprudential policy design. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics |
| URL | https://www.nber.org/papers/w29204 |
| 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/586877 |
| 推荐引用方式 GB/T 7714 | Pablo Ottonello,Diego J. Perez,Paolo Varraso. Are Collateral-Constraint Models Ready for Macroprudential Policy Design?. 2021. |
| 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 | ||
| w29204.pdf（688KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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