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  1. Fiscal buffers, private debt, and stagnation
    the good, the bad and the ugly
    Published: May 2016
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We revisit the empirical relationship between private/public debt and output, and build a model that reproduces it. In the model, the government provides financial assistance to credit-constrained agents to mitigate deleveraging. As we observe in the... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Unlimited inter-library loan, copies and loan

     

    We revisit the empirical relationship between private/public debt and output, and build a model that reproduces it. In the model, the government provides financial assistance to credit-constrained agents to mitigate deleveraging. As we observe in the data, surges in private debt are potentially more damaging for the economy than surges in public debt. The model suggests two policy implications. First, capping leverage leads to milder recessions, but also implies more muted expansions. Second, with fiscal buffers, financial assistance to credit-constrained agents helps avoid stagnation. The growth returns from intervention decline as the government approaches the fiscal limit

     

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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781484365502
    Other identifier:
    Series: IMF working paper ; WP/16, 104
    Subjects: Private Verschuldung; Öffentliche Schulden; Schuldenmanagement; Finanzpolitik; DSGE-Modell
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  2. Fiscal buffers, private debt, and stagnation
    the good, the bad and the ugly
    Published: May 2016
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We revisit the empirical relationship between private/public debt and output, and build a model that reproduces it. In the model, the government provides financial assistance to credit-constrained agents to mitigate deleveraging. As we observe in the... more

    Access:
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    VS 301 (2016,104)
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    We revisit the empirical relationship between private/public debt and output, and build a model that reproduces it. In the model, the government provides financial assistance to credit-constrained agents to mitigate deleveraging. As we observe in the data, surges in private debt are potentially more damaging for the economy than surges in public debt. The model suggests two policy implications. First, capping leverage leads to milder recessions, but also implies more muted expansions. Second, with fiscal buffers, financial assistance to credit-constrained agents helps avoid stagnation. The growth returns from intervention decline as the government approaches the fiscal limit

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781484365502
    Other identifier:
    Series: IMF working paper ; WP/16, 104
    Subjects: Private Verschuldung; Öffentliche Schulden; Schuldenmanagement; Finanzpolitik; DSGE-Modell
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen