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Financial Frictions and Stabilization Policies
dc.contributor.author | Malmierca Ordoqui, María | |
dc.date.accessioned | 2022-09-16T09:00:03Z | |
dc.date.available | 2022-09-16T09:00:03Z | |
dc.date.issued | 2019 | |
dc.identifier.citation | de Blas, Beatriz and Malmierca, María, Financial Frictions and Stabilization Policies (May 14, 2019). Available at SSRN: https://ssrn.com/abstract=3388131 | es |
dc.identifier.uri | http://hdl.handle.net/20.500.12766/382 | |
dc.description.abstract | After the financial crisis of 2007, in most economies carrying out either fiscal consolidations or counter-cyclical fiscal policies, public and private debt have moved in opposite directions, as opposed to pre-2007 evidence. Private deleverage and public debt build-up may affect the recovery path of countries after a recession. In a new Keynesian model with financial frictions, we show that when the economy is hit by a credit risk shock, the negative correlation that arises between public and private debt amplifies the response of GDP. In our setup, the traditional monetary-fiscal policy mix is not enough to offset this public-private debt mechanism and therefore bring back economic stability. When macroprudential policy is part of the policy mix, the public-private debt channel can be broken. Interestingly, depending on the macroprudential instrument, a trade-off may arise between private debt and output stabilization. | es |
dc.language.iso | eng | es |
dc.publisher | SSRN | es |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internacional | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/ | * |
dc.title | Financial Frictions and Stabilization Policies | es |
dc.type | preprint | es |
dc.description.department | Empresa | es |
dc.identifier.doi | 10.2139/ssrn.3388131 | |
dc.rights.accessRights | open access | es |
dc.subject.area | Economía Aplicada | es |
dc.subject.keyword | Financial accelerator | es |
dc.subject.keyword | Acroprudential policy | es |
dc.subject.keyword | Fiscal and monetary policy mix | es |
dc.subject.keyword | Public and private debt | es |