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| 02387nam 2200373zi 4500 |
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| 001 | 9.903142 |
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| 003 | CaOODSP |
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| 005 | 20221107180148 |
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| 006 | m o d f |
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| 007 | cr mn||||||||| |
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| 008 | 210908t20212021onca ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 086 | 1 |aFB3-5/2021-34E-PDF |
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| 100 | 1 |aAcharya, Sushant, |eauthor. |
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| 245 | 14|aThe side effects of safe asset creation / |cby Sushant Acharya and Keshav Dogra. |
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| 264 | 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2021. |
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| 264 | 4|c©2021 |
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| 300 | |a1 online resource (iii, 43 pages) : |bcolour illustrations. |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2021-34 |
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| 500 | |a"Last updated: July 14, 2021." |
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| 504 | |aIncludes bibliographical references (pages 25-28). |
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| 520 | 3 |a"We present an incomplete markets model to understand the costs and benefits of increasing government debt when an increased demand for safety pushes the natural rate of interest below zero. A higher demand for safe assets causes the ZLB to bind, increasing unemployment. Higher government debt satiates the demand for safe assets, raising the natural rate and restoring full employment. However, this entails permanently lower investment, which reduces welfare, since our economy is dynamically efficient even when the natural rate is negative. Despite this, increasing debt until the ZLB no longer binds raises welfare when alternative instruments are unavailable. Higher in inflation targets instead allow for negative real interest rates and achieve full employment without reducing investment"--Abstract, page iii. |
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| 650 | 0|aInterest rates|xEconometric models. |
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| 650 | 0|aDebts, Public|xEconometric models. |
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| 650 | 0|aMonetary policy|xEconometric models. |
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| 650 | 6|aTaux d'intérêt|xModèles économétriques. |
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| 650 | 6|aDettes publiques|xModèles économétriques. |
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| 650 | 6|aPolitique monétaire|xModèles économétriques. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2021-34.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s3.02 MB|uhttps://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-34-eng.pdf |
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