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Debt overhang and monetary policy in Czech Republic

Abstract:

We investigate the consequences of excessive international debt overhang as they relate to both debtor and creditor countries. In particular, we assess the impact of monetary policy on financial stability and how it can be used to smooth borrowers, as well as creditors, consumption over the business cycle. Based on [Goodhart, Peiris and Tsomocos, 2018], we establish that an independent countercyclical monetary policy, that contracts liquidity whenever debt grows whereas it expands it when def...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted Manuscript

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Publisher copy:
10.17323/1813-8691-2018-22-3-460-479

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Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Said Business School
Oxford college:
St Edmund Hall
Role:
Author
Publisher:
Higher School of Economics Publisher's website
Journal:
Higher School of Economics Economic Journal Journal website
Volume:
22
Issue:
3
Pages:
460–479
Publication date:
2018-11-08
Acceptance date:
2018-09-24
DOI:
ISSN:
1813-8691
Pubs id:
pubs:944857
URN:
uri:23895466-6722-4903-886f-41da3492067c
UUID:
uuid:23895466-6722-4903-886f-41da3492067c
Local pid:
pubs:944857

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