Managing Credit Booms and Busts: A Pigouvian Taxation Approach
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We study a dynamic model in which the interaction between debt accumulation and asset prices magnifies credit booms and busts. We find that borrowers do not internalize these feedback effects and therefore suffer from excessively large booms and busts in both credit flows and asset prices. We show
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美国国家经济研究局创建时间：
2010-09-01
