House Price Dynamics, Optimal LTV Limits and the Liquidity Trap
研究了在名义刚性和金融摩擦模型中，最优贷款价值比限制的设计及其对货币政策的影响，发现最优LTV限制具有强逆周期性，能缓解房价繁荣-萧条中的债务去杠杆并避免流动性陷阱。
Abstract This paper studies the optimal design of a macro-prudential instrument, a loan-to-value (LTV) limit, and its implications for monetary policy in a model with nominal rigidities and financial frictions. The analysis accounts for both an effective lower bound on the nominal interest rate and an upper bound on the ability of LTV limits to stimulate credit demand. The welfare-based loss function features a role for macro-prudential policy to enhance risk-sharing. Optimal LTV limits are strongly countercyclical. In a house price boom-bust episode, the active use of LTV limits alleviates debt-deleveraging dynamics and prevents the economy from falling into a liquidity trap.