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首页> 外文期刊>Journal of Economic Dynamics and Control >Leaning against boom-bust cycles in credit and housing prices
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Leaning against boom-bust cycles in credit and housing prices

机译：抵御信贷和房价的高潮-低潮周期

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This paper studies the potential gains of monetary and macro-prudential policies that lean against house-price and credit cycles. We rely on a model that features Borrowers and Savers and allows for over-borrowing induced by news-shock-driven cycles. We find that policy that responds to changes in financial variables is socially optimal. Considering the use of a single policy instrument, both types of agents are better off when the interest rate optimally responds to credit growth. When we allow for the implementation of both interest-rate and LTV policies, heterogeneity in the welfare implications is key in determining the optimal use of policy instruments. The optimal policy for the Borrowers is characterized by a LTV ratio that responds countercyclically to credit growth, which most effectively stabilizes credit relative to GDP. In contrast, the optimal policy for the Savers features a constant LTV ratio coupled with an interest-rate response to credit growth. News-shock-driven cycles account for most of the gains from a policy response to changes in financial variables.
机译：本文研究了依赖房价和信贷周期的货币政策和宏观审慎政策的潜在收益。我们依赖于具有借款人和储户特征的模型，并允许由新闻冲击驱动的周期引起的过度借款。我们发现，应对金融变量变化的政策在社会上是最优的。考虑使用单一的政策工具，当利率对信贷增长做出最佳响应时，两种类型的代理人的状况都会更好。当我们允许实施利率政策和LTV政策时，福利含义的异质性是决定政策工具最佳使用的关键。借款人的最佳政策的特点是LTV比率对信贷增长产生反周期响应，从而最有效地稳定信贷相对于GDP的比率。相比之下，针对储蓄者的最佳政策具有恒定的LTV比率以及对信贷增长的利率响应。新闻冲击驱动的周期是政策对金融变量变化做出反应的大部分收益。

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