Credit Traps and Macroprudential Leverage
构建了一个代际交叠模型，研究信贷陷阱（即经济活动长期停滞、生产率低下、金融部门资本不足和信贷错配并存的状态），发现宏观审慎杠杆政策能提升福利，且最优杠杆政策是逆周期的。
Abstract We construct a macroeconomic model with overlapping generations to study credit traps —prolonged periods of stagnant real activity accompanied by low productivity, financial sector undercapitalization, and credit misallocation. Shocks to bank capital tighten banks' borrowing constraints causing them to allocate credit to easily collateralizable but low productivity projects. Low productivity weakens bank capital generation, reinforcing tight borrowing constraints, sustaining the credit trap steady state. Macroprudential policy to limit bank leverage can be welfare enhancing. In the presence of a credit trap, optimal leverage policy is countercyclical.