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September 2017 issue
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Rachel, Smith
Juselius, Borio, Disyatat, Drehmann
Hall
Bahaj, Foulis
Grisse, Krogstrup, Schumacher
Yoo
Krishnamurthy
Gerdrup, Hansen, Krogh, Maib
Bauer, Granziera
Svensson
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Commentary: Policies for Crises Prevention and Management

by Arvind Krishnamurthy
Stanford University, Graduate School of Business and National Bureau of Economic Research

Abstract

I discuss the role of debt in financial crises and macroprudential tools to manage debt. A principal conclusion is that changes in mortgage contract designs, an ex ante measure aimed at the household sector, can deliver significant welfare benefits.

JEL Codes: G01, G21, G28, E44, E58.

 
Full article (PDF, 9 pages, 486 kb)