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dc.contributor.authorNatvik, Gisle James
dc.contributor.authorGelain, Paolo
dc.contributor.authorLansing, Kevin
dc.date.accessioned2019-01-28T11:14:50Z
dc.date.available2019-01-28T11:14:50Z
dc.date.created2019-01-21T09:45:05Z
dc.date.issued2018
dc.identifier.citationJournal of the European Economic Association. 2018, 16 (5), 1350-1393.nb_NO
dc.identifier.issn1542-4766
dc.identifier.urihttp://hdl.handle.net/11250/2582595
dc.description.abstractHow should a central bank act to stabilize the ratio of debt over gross domestic product (GDP)? We show how the persistent nature of household debt shapes the answer to this question. In environments where households repay mortgages gradually, surprise interest hikes only weakly influence household debt, and tend to increase debt-to-GDP in the short run while reducing it in the medium run. Interest rate rules with a positive weight on debt-to-GDP cause indeterminacy. Compared to inflation targeting, debt-to-GDP stabilization calls for a more expansionary policy when debt-to-GDP is high, so as to deflate the debt burden through inflation and output growth.nb_NO
dc.language.isoengnb_NO
dc.publisherOxfordnb_NO
dc.subjectE52 - Monetary Policynb_NO
dc.titleLeaning Against The Credit Cyclenb_NO
dc.typeJournal articlenb_NO
dc.typePeer reviewednb_NO
dc.description.versionacceptedVersionnb_NO
dc.rights.holderThe authors retain rights to “upload their accepted manuscript PDF ("a post-print*") to institutional and/or centrally organized repositories, but must stipulate that public availability be delayed until 24 months after first online publication in the journal.nb_NO
dc.source.pagenumber1350-1393nb_NO
dc.source.volume16nb_NO
dc.source.journalJournal of the European Economic Associationnb_NO
dc.source.issue5nb_NO
dc.identifier.doihttps://doi.org/10.1093/jeea/jvx043
dc.identifier.cristin1661908
cristin.unitcode158,3,0,0
cristin.unitnameInstitutt for samfunnsøkonomi
cristin.ispublishedtrue
cristin.fulltextpostprint
cristin.qualitycode2


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