Debt deflation effects of monetary policy

Journal of Financial Stability - Tập 21 - Trang 81-94 - 2015
Li Lin1, Dimitrios P. Tsomocos2, Alexandros P. Vardoulakis3
1International Monetary Fund, 700 19th St NW, Washington, DC 20431, United States
2Said Business School and St. Edmund Hall, University of Oxford, Park End Street, Oxford OX1 1HP, United Kingdom
3Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington DC 20551, United States

Tài liệu tham khảo

Adrian, 2009, Money, liquidity, and monetary policy, Am. Econ. Rev. Pap. Proc., 99, 600, 10.1257/aer.99.2.600 Araújo, 2015, Conventional and unconventional monetary policy with endogenous collateral constraints, Am. Econ. J. Macroecon., 7, 1, 10.1257/mac.20140002 Bernanke, 1983, Non-monetary effects of the financial crisis in the propagation of the Great Depression, Am. Econ. Rev., 73, 257 Bernanke, 1989, Agency costs, net worth and business fluctuations, Am. Econ. Rev., 79, 14 Bernanke, 1999, The financial accelerator in a quantitative business cycle framework, vol. 1C, 1341 Brunnermeier, 2009, Market liquidity and funding liquidity, Rev. Finan. Stud., 22, 2201, 10.1093/rfs/hhn098 Cordoba, 2004, Collateral constraints in a monetary economy, J. Eur. Econ. Assoc., 2, 1172, 10.1162/1542476042813814 Cúrdia, 2011, The central-bank balance sheet as an instrument of monetary policy, J. Monet. Econ., 58, 54, 10.1016/j.jmoneco.2010.09.011 Dubey, 2006, Determinacy with nominal assets and outside money, Econ. Theory, 27, 79, 10.1007/s00199-004-0591-4 Eggertsson, 2012, Debt, deleveraging, and the liquidity trap: a Fisher–Minsky–Koo approach, Q. J. Econ., 127, 1469, 10.1093/qje/qjs023 Fisher, 1933, The debt-deflation theory of great depressions, Econometrica, 1, 337, 10.2307/1907327 Fostel, 2008, Leverage cycles and the anxious economy, Am. Econ. Rev., 98, 1211, 10.1257/aer.98.4.1211 Friedman, 1963 Geanakoplos, 2003, Liquidity, default, and crashes: endogenous contracts in general equilibrium, 170 Geanakoplos, 2013, Collateral equilibrium, I: a basic framework, Econ. Theory, 56, 443, 10.1007/s00199-013-0797-4 Gertler, 2011, A model of unconventional monetary policy, J. Monet. Econ., 58, 17, 10.1016/j.jmoneco.2010.10.004 Gertler, 2013, Qe 1 vs. 2 vs. 3...: a framework for analyzing large-scale asset purchases as a monetary policy tool, Int. J. Central Bank., 9, 5 Gilchrist, 2013, Misallocation and financial market frictions: some direct evidence from the dispersion in borrowing costs, Rev. Econ. Dynam., 16, 159, 10.1016/j.red.2012.11.001 Goodhart, 2010, Modelling a housing and mortgage crisis Goodhart, 2004, A model to analyse financial fragility: applications, J. Financ. Stab., 1, 1, 10.1016/j.jfs.2004.06.005 Goodhart, 2006, A model to analyse financial fragility, Econ. Theory, 27, 107, 10.1007/s00199-004-0572-7 Gromb, 2002, Equilibrium and welfare in markets with financial constrained arbitrageurs, J. Financ. Econ., 66, 361, 10.1016/S0304-405X(02)00228-3 Kiyotaki, 1997, Credit cycles, J. Polit. Econ., 105, 211, 10.1086/262072 Korinek, 2011 Lin, 2015, On default and the uniqueness of monetary equilibria, Econ. Theory Lorenzoni, 2008, Inefficient credit booms, Rev. Econ. Stud., 75, 809, 10.1111/j.1467-937X.2008.00494.x Mendoza, 2010, Sudden stops, financial crises and leverage, Am. Econ. Rev., 100, 1941, 10.1257/aer.100.5.1941 Mendoza, 2006, Lessons from the debt-deflation theory of sudden stops, Am. Econ. Rev., 96, 411, 10.1257/000282806777211676 Mendoza, 2006, Quantitative implications of a debt deflation theory of sudden stops and asset prices, J. Int. Econ., 70, 82, 10.1016/j.jinteco.2005.06.016 Mishkin, 2009, Is monetary policy effective during financial crises?, Am. Econ. Rev., 99, 573, 10.1257/aer.99.2.573 Shleifer, 1992, Liquidation values and debt capacity: a market equilibrium approach, J. Finance, 47, 1343, 10.1111/j.1540-6261.1992.tb04661.x Stein, 2012, Monetary policy as financial-stability regulation, Q. J. Econ., 127, 57, 10.1093/qje/qjr054 Tsomocos, 2003, Equilibrium analysis, banking and financial instability, J. Math. Econ., 39, 619, 10.1016/S0304-4068(03)00045-4