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Fiscal Buffers, Private Debt, and Stagnation
Nicoletta BatiniMr.Giovanni MelinaStefania Villa
其他書名
The Good, the Bad and the Ugly
出版International Monetary Fund, 2016-05-23
主題Business & Economics / Public FinanceBusiness & Economics / Economics / MacroeconomicsBusiness & Economics / Real Estate / General
ISBN148436550X9781484365502
URLhttp://books.google.com.hk/books?id=bJwYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋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.