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The Diagnostic Financial Accelerator
Lahcen Bounader
Mr. Selim A Elekdag
出版
International Monetary Fund
, 2024-06-28
ISBN
9798400279287
URL
http://books.google.com.hk/books?id=jkgSEQAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
We develop a model with diagnostic expectations (DE) and a financial accelerator (FA) that generates mutually reinforcing shock amplification, especially in the case of demand shocks. However, supply shocks can be dampened via a debt deflation channel, which is strengthened amid DE. Importantly, the model results in a worsening of the inflation-output volatility trade-off confronting policymakers. In contrast to most of the literature—which argues against targeting the level of asset prices—our financial accelerator model with DE suggests that targeting house price growth may result in welfare gains.
