Recherche avancée

Koen Jochmans

vol. 36, décembre 2020, p. 1159–1166

Freek Van Gils (Tilburg University)

Toulouse, 2020

Andrey Fradkin (Boston University)

Toulouse, 2020

Miguel Godinho de Matos (Catolica Lisbon School of Business and Economics)

Toulouse, 2020

Shota Ichihashi (Bank of Canada)

Toulouse, 2020

Simon Anderson (University of Virginia)

Toulouse, 2020

André Veiga (Imperial College London)

Toulouse, 2020

Imke Reimers

Toulouse, 2020

Xu Zhang (London Business School)

Toulouse, 2020

George-Marios Angeletos, Fabrice Collard et Harris Dellas

n° 11-1170, décembre 2020

We study optimal policy in an economy in which public debt is used as collateral or liquidity buffer. Issuing more public debt raises welfare by easing the underlying financial friction; but this easing lowers the liquidity premium and increases the government’s cost of borrowing. These...