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

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