Heterogeneous expectations, collateral constraints and unconventional monetary policy

被引：0
|
作者：
Araujo, Aloisio [1 ,2 ]
Maribondo, Liev [1 ]
Schommer, Susan [3 ]
机构：
[1] IMPA, Rio De Janeiro, Brazil
[2] FGV RJ, Rio De Janeiro, RJ, Brazil
[3] Univ Fed Rio de Janeiro, Rio de Janeiro, RJ, Brazil
来源：
ECONOMICS BULLETIN | 2018年 / 38卷 / 04期
关键词：
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We consider the effects of heterogeneous beliefs in a general equilibrium model with endogenous collateral constraints and unconventional monetary policy. The heterogeneous expectations modify the way in which agents are restricted in the collateral. We numerically show that the relative optimism of the borrower makes him more leveraged and that this increases the welfare gains of unconventional monetary policy.
引用
收藏
页码：2064 / +
页数：10
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