Macro Credit Policy and the Financial Accelerator

被引：0

作者：

Carlstrom, Charles T. ^{[1
]}

Fuerst, Timothy S. ^{[1
,2
]}

机构：

[1] Fed Reserve Bank Cleveland, Cleveland, OH 44114 USA

[2] Univ Notre Dame, Notre Dame, IN 46556 USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2016年 / 48卷 / 08期

关键词：

financial accelerator; macroprudential policy; OPTIMAL-CONTRACTS; RISK;

D O I：

10.1111/jmcb.12362

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper studies macro credit policies within the financial accelerator model of Bernanke, Gertler, and Gilchrist (1999). The focus is on borrower-based restrictions on lending such as loan-to-value (LTV) ratios. We find that the efficacy of cyclical taxes on LTV ratios depends upon the nature of the underlying loan contract. If the loan contract contains equity-like features such as indexation to aggregate conditions, then there is little role for cyclical taxation. But if the loan contract is not indexed to aggregate conditions, then there are substantial gains to procyclical taxes on LTV ratios.

引用

页码：1725 / 1751

页数：27

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