Macro-prudential Policy in a Fisherian Model of Financial Innovation

Working Paper No. 12/181

Nopic
The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a quantitative general equilibrium framework in which this interaction drives the financial amplification mechanism to study the effects of macro-prudential... READ MORE...

Publication date: July 2012
ISBN 9781475505290
$18.00

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Publication date: July 2012

English