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来源类型Working Paper
规范类型报告
DOI10.3386/w29204
来源IDWorking 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
URLhttps://www.nber.org/papers/w29204
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/586877
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Pablo Ottonello,Diego J. Perez,Paolo Varraso. Are Collateral-Constraint Models Ready for Macroprudential Policy Design?. 2021.
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