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Optimal policy for macro-financial stability

Author: Gianluca BenignoHuigang ChenChristopher OtrokAlessandro RebucciEric R YoungAll authors
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2019.
Series: Working paper series (National Bureau of Economic Research), no. 26397.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
There is a new and now extensive literature analyzing government policies for financial stability based on models with endogenous borrowing constraints. These normative analyses often build upon the concept of constrained efficient allocation, where the social planner is constrained by the same borrowing limit that agents face. In this paper, we show that the same set of policy tools that implement the constrained  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Gianluca Benigno; Huigang Chen; Christopher Otrok; Alessandro Rebucci; Eric R Young; National Bureau of Economic Research,
OCLC Number: 1125153294
Notes: "October 2019"
Description: 1 online resource (26 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 26397.
Responsibility: Gianluca Benigno, Huigang Chen, Christopher Otrok, Alessandro Rebucci, Eric R. Young.

Abstract:

There is a new and now extensive literature analyzing government policies for financial stability based on models with endogenous borrowing constraints. These normative analyses often build upon the concept of constrained efficient allocation, where the social planner is constrained by the same borrowing limit that agents face. In this paper, we show that the same set of policy tools that implement the constrained efficient allocation can be used optimally by a Ramsey planner to replicate the unconstrained allocation, thus achieving higher welfare. We establish this in the context of a well-known model economy, but the result is relevant whenever the policy instrument that is assigned to the planner can affect the market price that determines the value of collateral in the borrowing constraint. The result implies that a robust normative analysis in this model class requires explicit computations of the Ramsey optimal policy problem.

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