The international transmission of asset market shocks in liquidity traps

• 成果类型: Article
• 署名作者: Bacchetta, Philippe; Benhima, Kenza; Kalantzis, Yannick; Phillot, Maxime
• 署名单位: University of Lausanne; Centre for Economic Policy Research - UK; European Central Bank; Bank of France; Swiss National Bank (SNB)
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2026.104235
• 发表日期: 2026
• 关键词: monetary-policy; debt; WORLD

摘要

We build a two-country heterogeneous-agent non-Ricardian model featuring asset scarcity and financial frictions in international capital markets. Due to the non-Ricardian nature of our framework, a demand for liquidity emerges and the supply of bonds matters. We show that shocks affecting the supply or demand of assets have very different international spillovers for an economy in a liquidity trap. A decrease in the supply of assets issued abroad leads to an asset shortage domestically. In normal times, the nominal interest rate decreases, stimulating investment and output. In a liquidity trap, deflation hits instead and the currency appreciates, which may cause a recession.