00000nam 2200000zi 4500 9.927631 CaOODSP 20230920145424 m o d f cr |n||||||||| 230920t20232023oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP eng eng fre n-cn--- FB3-5/2023-48E-PDF Lee, Soyoung, author. The macroeconomic effects of debt relief policies during recessions / by Soyoung Lee. [Ottawa] : Bank of Canada = Banque du Canada, 2023. ©2023 1 online resource (1 volume (various pagings)) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2023-48 "Last updated: August 28, 2023." Includes bibliographical references. "I study debt relief as a stimulus policy using a dynamic stochastic general equilibrium model that captures the rich heterogeneity in households’ balance sheets. In this environment, a large-scale mortgage principal reduction can amplify a recovery, support house prices and lower foreclosures. The nature of the intervention, in terms of its eligibility, liquidity and financing, shapes its macroeconomic impact. This impact rests on how resources are redistributed across households that vary in their marginal propensities to consume. The availability of bankruptcy on unsecured debt quantitatively changes the macroeconomic response to large-scale mortgage relief by reducing precautionary savings"--Abstract. Includes abstract in French. Debt relief. Recessions. Dettes Allègement. Récessions. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2023-48. (CaOODSP)9.806221 PDF 926 KB https://publications.gc.ca/collections/collection_2023/banque-bank-canada/FB3-5-2023-48-eng.pdf