宏观金融稳定的最优政策

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2023-10-01 DOI:10.1257/mac.20200046

Gianluca Benigno, Huigang Chen, Christopher Otrok, Alessandro Rebucci, Eric R. Young

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引用次数: 0

摘要

有一个新的和现在大量的文献分析政府的金融稳定政策基于模型的内生借贷约束。这些规范分析建立在约束有效分配的概念之上，在这个概念中，社会计划者受到与经济主体面临的相同的借贷限制的约束。在本文中，我们证明了存在至少一套工具来实现有约束的有效分配，这些工具也可以被拉姆齐规划者用来复制无约束的分配，从而获得更高的福利。相对于拉姆齐最优政策，效率约束可能导致福利最大化政策的不准确特征。(凝胶e32, e44, e61, g01, h21)

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Optimal Policy for Macrofinancial Stability

There is a new and now large literature analyzing government policies for financial stability based on models with endogenous borrowing constraints. These normative analyses 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 there exists at least one set of tools implementing the constrained efficient allocation that can also be used by a Ramsey planner to replicate an unconstrained allocation, achieving higher welfare. Constrained efficiency may lead to inaccurate characterizations of welfare maximizing policies relative to Ramsey optimal policy. (JEL E32, E44, E61, G01, H21)

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.