A Theory of Macroprudential Policies in the Presence of Nominal Rigidities
提出一个理论，研究在商品和劳动力市场存在名义刚性、货币政策受限（如零下限或固定汇率）时，如何通过宏观审慎干预纠正金融市场的总需求外部性，并给出所需干预的简单公式。
We propose a theory of monetary policy and macroprudential interventions in financial markets. We focus on economies with nominal rigidities in goods and labor markets and subject to constraints on monetary policy, such as the zero lower bound or fixed exchange rates. We identify an aggregate demand externality that can be corrected by macroprudential interventions in financial markets. Ex post, the distribution of wealth across agents affects aggregate demand and output. Ex ante, however, these effects are not internalized in private financial decisions. We provide a simple formula for the required financial interventions that depends on a small number of measurable sufficient statistics. We also characterize optimal monetary policy. We extend our framework to incorporate pecuniary externalities, providing a unified approach to both externalities. Finally, we provide a number of applications which illustrate the relevance of our theory.