不完全信息下商业周期中的过度借贷与系统性外部性

IF 4 1区 经济学 Q1 ECONOMICS
Juan Herreño , Carlos Rondón-Moreno
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引用次数: 0

摘要

我们研究了不完全信息和金融摩擦之间的相互作用及其在小型开放经济体金融危机中的作用。我们使用了一个模型,在这个模型中,家庭观察到收入增长,但无法区分潜在的收入冲击是永久性的还是暂时性的,而且借贷受到抵押品约束。我们表明,不完全信息和借贷约束的结合是经济不稳定的一个重要来源。最优宏观审慎政策通过对债务积极征税来稳定经济。此外,抵押品约束和信息摩擦之间的相互作用重塑了最优税收与收入基础成分之间的相关性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Overborrowing and systemic externalities in the business cycle under imperfect information
We study the interaction between imperfect information and financial frictions and their role in financial crises in small open economies. We use a model where households observe income growth but cannot distinguish whether the underlying income shocks are permanent or transitory, and borrowing is subject to a collateral constraint. We show that the combination of imperfect information and a borrowing constraint is a significant source of economic instability. Optimal macroprudential policy helps stabilize the economy by actively taxing debt. Furthermore, the interaction between the collateral constraint and the information friction reshapes the correlation between the optimal tax and the underlying components of income.
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来源期刊
CiteScore
5.80
自引率
6.10%
发文量
98
期刊介绍: The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.
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