The gilded bubble buffer and optimal macroprudential policy

We provide a microfounded framework for the welfare analysis of macroprudential policy within a model of rational bubbles. For this we posit an overlapping generation model where productivity and credit supply are subject to random shocks. We find that when real interest rates are lower than the rat...

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Detalles Bibliográficos
Autores Principales: Freixas, Xavier, Pérez Reyna, David Alejandro
Formato: Desconocido (Unknown)
Lenguaje:Inglés (English)
Publicado: Universidad de los Andes, Facultad de Economía, CEDE 2018
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