文章基本信息

标题：Heterogeneous expectations, collateral constraints and unconventional monetary policy
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作者：Aloisio Araujo ; Liev Maribondo ; Susan Schommer 等
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2018
卷号：38
期号：4
页码：1-10
出版社：Economics Bulletin
摘要：We consider the effects of heterogeneous beliefs in a general equilibrium model with endogenous collateral constraints and unconventional monetary policy. The heterogeneous expectations modify the way in which agents are restricted in the collateral. We numerically show that the relative optimism of the borrower makes him more leveraged and that this increases the welfare gains of unconventional monetary policy.