The safety trap

DOI10.1093/RESTUD/RDX013MaRDI QIDQ4610879zbMATH OpenOpenAlexFDO

Authors Ricardo J Caballero, E. Farhi

Publication date 23 January 2019

Published in Review of Economic Studies (Search for Journal in Brave)

Full work available at URL http://hdl.handle.net/1721.1/113840

zbMATH Keywords

forward guidancehelicopter dropsliquidity trapsmonetary policyquantitative easingrisk premiaunconventional

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64)

Recommendations

• Safe asset shortages and asset price bubbles
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Cited in

(26)

• Safety without stuttering
• The fiscal theory of the price level in a world of low interest rates
• Secular stagnation: theory and remedies
• Safety by uninterpreted locks
• Resolution of financial crises
• Disciplining expectations and the forward guidance puzzle
• Flight to housing in China
• Savings, asset scarcity, and monetary policy
• Safe assets, credit provision and debt management
• Optimal monetary policy in a collateralized economy
• Playing Safe
• The Safest Escape problem
• When demand creates its own supply: saving traps
• Stagnation traps
• Cash-flow tranching and the macroeconomy
• Financial crisis and slow recovery with Bayesian learning agents
• Moderating noise-driven macroeconomic fluctuations under dispersed information
• “CONVENTIONAL” MONETARY POLICY IN OLG MODELS: REVISITING THE ASSET‐SUBSTITUTION CHANNEL
• Structural unemployment, underemployment, and secular stagnation
• The paradox of safe asset creation
• Monetary policy, redistribution, and risk premia
• Bond premium cyclicality and liquidity traps
• Higher-order forward guidance
• A monetary-fiscal theory of sudden inflations
• Sowing the seeds of financial crises: endogenous asset creation and adverse selection
• Achieving safety: personal, private, and public provision

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