Is Optimal Capital-Control Policy Countercyclical In Open-Economy Models With Collateral Constraints?
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This paper contributes to a literature that studies optimal capital control policy in open economy models with pecuniary externalities due to flow collateral constraints. It shows that the optimal policy calls for capital controls to be lowered during booms and to be increased during recessions.
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美国国家经济研究局创建时间：
2016-08-01
