Optimal Policy for Macrofinancial Stabilityt

• 成果类型: Article
• 署名作者: Benigno, Gianluca; Chen, Huigang; Otrok, Christopher; Rebucci, Alessandro; Young, Eric R.
• 署名单位: University of Lausanne; Centre for Economic Policy Research - UK; Facebook Inc; Federal Reserve System - USA; Federal Reserve Bank - Dallas; Johns Hopkins University; University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20200046
• 发表日期: 2023
• 页码: 401-428
• 关键词: Capital controls; monetary-policy; financial crises; credit; prices; FLOWS

摘要

There is a new and now large literature analyzing government poli-cies for financial stability based on models with endogenous borrow-ing constraints. These normative analyses build upon the concept of constrained efficient allocation where the social planner is con-strained by the same borrowing limit that agents face. In this paper, we show that there exists at least one set of tools implementing the constrained efficient allocation that can also be used by a Ramsey planner to replicate an unconstrained allocation, achieving higher welfare. Constrained efficiency may lead to inaccurate character-izations of welfare maximizing policies relative to Ramsey optimal policy. (JEL E32, E44, E61, G01, H21)