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- W3190477482 abstract "This paper examines credit market policies under pecuniary externalities induced by collateral constraints. Pigouvian taxes/subsidies on debt or savings are derived as Ramsey-optimal policies. Firstly, prudential (ex-ante) debt taxes can restore constrained efficiency. Secondly, when policies are non-state and non-time contingent, debt subsidies can be superior to debt taxes. Thirdly, ex-ante saving subsidies are desirable when distributive effects dominate collateral effects. Fourthly, both effects can simultaneously be addressed by non-contingent saving subsidies. The analysis indicates that optimal policies can improve on constrained efficiency and that inefficiencies due to financial externalities can most effectively be addressed by interest rate reductions." @default.
- W3190477482 created "2021-08-16" @default.
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- W3190477482 date "2021-07-01" @default.
- W3190477482 modified "2023-09-27" @default.
- W3190477482 title "Optimal Corrective Policies under Financial Frictions" @default.
- W3190477482 hasPublicationYear "2021" @default.
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