Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints
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We study optimal monetary policy in an economy with nominal private debt, borrowing constraints and price rigidity. Private debt reflects equilibrium trade between an impatient borrower, who faces an endogenous collateral constraint, and a patient saver, who engages in consumption smoothing. Since
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美国国家经济研究局创建时间：
2006-08-01
