Brown Bag Discussion with Emily Marshall

On December 3, 2014, Emily Marshall, Department of Economics, Bates College lead a discussion on “Monetary Policy, Access to Credit, and Long-term Mortgages.”  The paper she presented on uses a theoretical framework to examine the relationship between multi-period loans, leverage, levels of output and social welfare. In addition, it shows that stabilization if much more difficult for monetary policymakers in an economy with long-term debt.