Are Collateral-Constraint Models Ready for Macroprudential Policy Design?
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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
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美国国家经济研究局创建时间：
2021-09-01
