Overborrowing, Financial Crises and 'Macro-prudential' Taxes
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An equilibrium model of financial crises driven by Irving Fisher's financial amplification mechanism features a pecuniary externality, because private agents do not internalize how the price of assets used for collateral respond to collective borrowing decisions, particularly when binding collateral
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美国国家经济研究局创建时间：
2010-06-01
