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- W3136173671 abstract "We study various macroprudential tools and their interaction with monetary policy in a New Keynesian model featuring long-term debt, illiquid housing and an effective lower bound constraint on policy rates. We find that the short-run deleveraging costs of different macroprudential tools – all sized to imply the same reduction in household debt in the medium and long-term – can differ significantly, depending on the state of economy and monetary policy. Specifically, a loan-to-value tightening is more than three times as contractionary as a loan-to-income tightening when debt is high and monetary policy cannot accommodate." @default.
- W3136173671 created "2021-03-29" @default.
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- W3136173671 date "2023-10-01" @default.
- W3136173671 modified "2023-10-18" @default.
- W3136173671 title "The costs of macroprudential deleveraging in a liquidity trap" @default.
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- W3136173671 doi "https://doi.org/10.1016/j.red.2023.09.005" @default.
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