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Macroeconomics and Financial Seminars: Optimal Macroprudential Policy and Asset Price Bubbles. Alexandros Vardoulakis. FED Board. October 14, 16:00 a 17:30 hrs.

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10/10/2019 | 09:36am EDT

Seminarios de Macroeconomía y Finanzas

Optimal Macroprudential Policy and Asset Price Bubbles

Expositor: Alexandros Vardoulakis - FED Board

Lunes 14 de Octubre, 16:00 a 17:30 hrs

Auditorio, Morande 115, piso 2

Inscripciones, con al menos 24 horas de anticipación:

seminarios@bcentral.cl

Los Seminarios de Macroeconomía y Finanzas tienen como objetivo difundir investigación académica

y aplicada de investigaciones del Banco y externos.

Abstract

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the underlying level of indebtedness. If the level of debt is moderate, policy should accommodate the bubble to reduce the incidence of a binding collateral constraint. If debt is elevated, policy should lean against the bubble more aggressively to mitigate the pecuniary externalities from a deflating bubble when constraints bind.

BANCO CENTRAL DE CHILE. Agustinas 1180, Santiago. Chile.

Disclaimer

Banco Central de Chile published this content on 10 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 October 2019 13:35:01 UTC

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