Liquidity Traps and Monetary Policy: Managing a Credit Crunch

被引：3

作者：

Buera, Francisco J. ^{[1
]}

Nicolini, Juan Pablo ^{[2
]}

机构：

[1] Washington Univ, CB 1208,One Brookings Dr, St Louis, MO 63130 USA

[2] Fed Reserve Bank Minneapolis, 90 Hennepin Ave, Minneapolis, MN 55401 USA

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2020年 / 12卷 / 03期

关键词：

PRICES;

D O I：

10.1257/mac.20170040

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study a model with heterogeneous producers that face collateral and cash-in-advance constraints. A tightening of the collateral constraint results in a credit-crunch-generated recession that reproduces some features of the financial crisis that unraveled in 2007 in the United States. We use the model to study the effects, following a credit crunch, of alternative monetary and fiscal policies.

引用

页码：110 / 138

页数：29

共 50 条

[31] Housing, liquidity risk, and monetary policy
Reed, Robert R.
Ume, Ejindu S.
JOURNAL OF MACROECONOMICS, 2019, 60 : 138 - 162
[32] Turnover Liquidity and the Transmission of Monetary Policy
Lagos, Ricardo
Zhang, Shengxing
AMERICAN ECONOMIC REVIEW, 2020, 110 (06): : 1635 - 1672
[33] LIQUIDITY TRAPS FOR MONEY BANK CREDIT AND INTEREST RATES
BRUNNER, K
MELTZER, AH
ECONOMETRICA, 1966, 34 (5S) : 132 - &
[34] Credit spread and monetary policy
Teranishi, Yuki
ECONOMICS LETTERS, 2012, 114 (01) : 26 - 28
[35] The Credit Surface and Monetary Policy
Geanakoplos, John
PROGRESS AND CONFUSION: THE STATE OF MACROECONOMIC POLICY, 2016, : 143 - 153
[36] Credit Disintermediation and Monetary Policy
Crouzet, Nicolas
IMF ECONOMIC REVIEW, 2021, 69 (01) : 23 - 89
[37] Credit Spreads and Monetary Policy
Curdia, Vasco
Woodford, Michael
JOURNAL OF MONEY CREDIT AND BANKING, 2010, 42 (06) : 3 - 35
[38] Guidelines for Monetary and Credit Policy
Drobyshevskiy, Sergey
EKONOMICHESKAYA POLITIKA, 2010, (02): : 27 - 30
[39] Monetary policy and credit flows
Bianco, Timothy
JOURNAL OF MACROECONOMICS, 2021, 70
[40] Credit Disintermediation and Monetary Policy
Nicolas Crouzet
IMF Economic Review, 2021, 69 : 23 - 89

← 1 2 3 4 5 →