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200301 ||| eng |
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|a 9781513511078
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| 100 |
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|a Biljanovska, Nina
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| 245 |
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|a Optimal Macroprudential Policy and Asset Price Bubbles
|c Nina Biljanovska, Lucyna Gornicka, Alexandros Vardoulakis
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2019
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| 300 |
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|a 44 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Finance: General
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| 653 |
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|a Stock markets
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| 653 |
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|a Asset bubbles
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Financial Crises
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| 653 |
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|a Collateral
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| 653 |
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|a Macroeconomics: Consumption
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Financial crises
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| 653 |
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|a Price Level
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Credit
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Financial Markets and the Macroeconomy
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| 653 |
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|a Wealth
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| 653 |
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|a Consumption
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Deflation
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| 653 |
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|a Prices
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| 653 |
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|a Financial markets
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| 653 |
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|a Finance
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| 653 |
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|a Financial Risk Management
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| 653 |
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|a Economics
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| 653 |
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|a Stock exchanges
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| 653 |
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|a Loans
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| 653 |
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|a Mortgages
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| 653 |
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|a Financial institutions
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| 653 |
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|a Saving
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| 653 |
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|a Money
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Asset prices
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| 653 |
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|a Industries: Financial Services
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| 653 |
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|a National accounts
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| 653 |
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|a Inflation
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| 653 |
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|a Banks
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| 653 |
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|a Monetary economics
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| 700 |
1 |
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|a Gornicka, Lucyna
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| 700 |
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|a Vardoulakis, Alexandros
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| 041 |
0 |
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|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781513511078.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2019/184/001.2019.issue-184-en.xml?cid=48591-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the underlying level of indebtedness. If the level of debt is moderate, policy should accommodate the bubble to reduce the incidence of a binding collateral constraint. If debt is elevated, policy should lean against the bubble more aggressively to mitigate the pecuniary externalities from a deflating bubble when constraints bind
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