optimal timeconsistent macroprudential policy university ：最佳时间一致的宏观审慎政策的大学.pdfVIP

NBER WORKING PAPER SERIES OPTIMAL TIME-CONSISTENT MACROPRUDENTIAL POLICY Javier Bianchi Enrique G. Mendoza Working Paper 19704 /papers/w19704 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 December 2013 We thank Fernando Alvarez, Gianluca Benigno, John Cochrane, Lars Hansen, and Charles Engel for useful comments and discussions. We are also grateful for the comments by conference and seminar participants at the Bank for International Settlements, Bank of Korea, Chicago Booth, Cornell, Duke, Federal Reserve Bank of Chicago, Queens University, Riksbank, University of Wisconsin, Yale, the May 2013 Meeting of the Macro Financial Modeling group, and the 2nd Rome Junior Conference on Macroeconomics of the Einaudi Institute. The support of the National Science Foundation under awards 1325122 (Mendoza) and 1324395 (Bianchi) is gratefully acknowledged. Some material included in this paper circulated earlier under the title Overborrowing, Financial Crises and Macroprudential Policy, NBER WP 16091, June 2010. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2013 by Javier Bianchi and Enrique G. Mendoza. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given