印刷抵押贷款：财政通胀和后疫情时期的繁荣

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2025-05-26 DOI:10.1016/j.jfineco.2025.104072

William Diamond , Tim Landvoigt , Germán Sánchez Sánchez

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引用次数: 0

摘要

我们在一个新的凯恩斯主义模型中分析了财政和货币刺激之间的相互作用，该模型考虑了名义抵押贷款债务可以通过通货膨胀消除。再分配转移在暂时偏离以通胀为目标的货币政策之后最具影响力。与其他财政政策不同的是，即使在没有长期债务可持续性问题的情况下，再分配也会导致通货膨胀，而通过通货膨胀消除抵押贷款会导致额外的再分配。在抵押贷款再融资摩擦的定量模型中，转移支付提供的刺激远远大于通货膨胀的再分配效应。借款人在抵押贷款膨胀后逐渐进行再融资，抑制了他们的即时消费反应，减少了他们的长期劳动力供应。

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Printing away the mortgages: Fiscal inflation and the post-covid boom

We analyze interactions between fiscal and monetary stimulus in a new Keynesian model with nominal mortgage debt that can be inflated away. Redistributive transfers are most impactful when followed by a temporary deviation from inflation-targeting monetary policy. Unlike other fiscal policies, redistribution causes inflation even in the absence of long-run debt sustainability problems, and inflating away mortgages results in additional redistribution. In a quantitative model with mortgage refinancing frictions, transfer payments provide much more stimulus than the redistributive effects of inflation. Borrowers gradually refinance after their mortgages are inflated away, dampening their immediate consumption response and reducing their long-run labor supply.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.