/subsidy and a labor tax/subsidy. Labor shocks, such as the COVID-19 shock, amplify the policy responses, which critically depend …

How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that …

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time … of a binding collateral constraint. If debt is elevated, policy should lean against the bubble more aggressively to …

. Two key issues arise with regard to the use of collateral in the context of loan classification and provisioning. In … particular, the questions arise whether collateral should be taken into account in classifying a collateralized loan, and whether … it should be considered in calculating provisions. This paper surveys country practices in the role of collateral in loan …

This paper addresses two complications arising from the use of collateral requirements in debt contracts between wealth …

Large banks and dealers use and reuse collateral pledged by nonbanks, which helps lubricate the global financial system …. The supply of collateral arises from specific investment strategies in the asset management complex, with the primary … been a significant decline in the source collateral for the large dealers that specialize in intermediating pledgeable …

borrowing. The subsequent crisis has reduced the pool of assets considered acceptable as collateral, resulting in a liquidity … of excess bank reserves and do more than merely substitute central bank money for collateral that currently remains …

cycles and asset prices with collateral constraints. Agents in a decentralized competitive equilibrium do not internalize the …