dc.contributor.author | Blás, Beatriz de | |
dc.contributor.author | Malmierca Ordoqui, María | |
dc.date.accessioned | 2024-01-22T16:02:20Z | |
dc.date.available | 2024-01-22T16:02:20Z | |
dc.date.issued | 2020 | |
dc.identifier.citation | Blas, Beatriz de; Malmierca, M: Financial frictions and stabilization policies, Economic Modelling, Volume 89, 2020. Pages 166-188 | es |
dc.identifier.issn | 0264-9993 | |
dc.identifier.uri | https://hdl.handle.net/20.500.12766/514 | |
dc.description.abstract | After the financial crisis of 2007, in many economies, 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 arising 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 private-public debt mechanism and therefore bring back economic stability. When macroprudential policy is part of the policy mix, the private-public 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 | Elsevier | es |
dc.title | Financial frictions and stabilization policies | es |
dc.type | journal article | es |
dc.description.department | Empresa | es |
dc.identifier.doi | 10.1016/j.econmod.2019.10.019 | |
dc.journal.title | Economic Modelling | es |
dc.page.initial | 166 | es |
dc.page.final | 188 | es |
dc.rights.accessRights | Metadata only access | es |
dc.subject.area | Economía Aplicada | es |
dc.volume.number | 89 | es |