Liquidity Traps and Monetary Policy: Managing a Credit Crunch

被引：2
|
作者：
Buera, Francisco J. [1 ]
Nicolini, Juan Pablo [2 ]
机构：
[1] Washington Univ, CB 1208,One Brookings Dr, St Louis, MO 63130 USA
[2] Fed Reserve Bank Minneapolis, 90 Hennepin Ave, Minneapolis, MN 55401 USA
来源：
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2020年 / 12卷 / 03期
关键词：
PRICES;
D O I：
10.1257/mac.20170040
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study a model with heterogeneous producers that face collateral and cash-in-advance constraints. A tightening of the collateral constraint results in a credit-crunch-generated recession that reproduces some features of the financial crisis that unraveled in 2007 in the United States. We use the model to study the effects, following a credit crunch, of alternative monetary and fiscal policies.
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页码：110 / 138
页数：29
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