The Costs of Macroprudential Deleveraging in a Liquidity Trap /
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term costs,...
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| Main Author: | |
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| Other Authors: | , , , , |
| Format: | Book |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2020
Washington, D.C. : 2020 |
| Series: | IMF Working Papers; Working Paper ;
No. 20/89 IMF Working Papers; Working Paper ; No. 2020/089 IMF eLibrary |
| Subjects: | |
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