Arbeitspapier
The financial (in)stability real interest rate, r**
We introduce the concept of a financial stability real interest rate using a macroeconomic banking model with an occasionally binding financing constraint, as in Gertler and Kiyotaki (2010). The financial stability interest rate, r**, is the threshold interest rate that triggers the constraint being binding. Increasing imbalances in the financial sector, measured by an increase in leverage, are accompanied by a lower threshold that could trigger financial instability events. We also construct a theoretical implied financial conditions index and show how it is related to the gap between the natural and financial stability interest rates.
- Sprache
-
Englisch
- Erschienen in
-
Series: Staff Report ; No. 946
- Klassifikation
-
Wirtschaft
- Thema
-
r**
financial crises
financial stability
occasionally binding credit constraint
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Akinci, Ozge
Benigno, Gianluca
Del Negro, Marco
Queralto, Albert
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of New York
- (wo)
-
New York, NY
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Akinci, Ozge
- Benigno, Gianluca
- Del Negro, Marco
- Queralto, Albert
- Federal Reserve Bank of New York
Entstanden
- 2020
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