amplification in response to domestic shocks or global spillovers and pecuniary externalities caused by Fisherian collateral …

Despite much attention to unconventional monetary policies after the financial crisis, the collateral policies of … tend not to be analyzed. An exception to these trends is the recent work by Nyborg (2017), who argues that the collateral … response, we identify core principles for countercyclical collateral policies suitable for market-based financial systems …