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文章基本信息

  • 标题:Heterogeneous expectations, collateral constraints and unconventional monetary policy
  • 本地全文:下载
  • 作者:Aloisio Araujo ; Liev Maribondo ; Susan Schommer
  • 期刊名称:Economics Bulletin
  • 电子版ISSN:1545-2921
  • 出版年度:2018
  • 卷号:38
  • 期号:4
  • 页码:1-10
  • 出版社:Economics Bulletin
  • 摘要:We consider the effects of heterogeneous beliefs in a general equilibrium model with endogenous collateral constraints and unconventional monetary policy. The heterogeneous expectations modify the way in which agents are restricted in the collateral. We numerically show that the relative optimism of the borrower makes him more leveraged and that this increases the welfare gains of unconventional monetary policy.
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