Aguilar García, Pablo; Fahr, Stephan; Gerba, Eddie; … - 2019
welfare. Following Gerba (2017), we pin down a welfare function based on a fi rst-and second order approximation of the … volatility of the economy while increasing somewhat the total level of welfare in steady state, even with a time … credit and mortgage lending spreads. Gains in welfare from optimal combination of instruments is higher than the sum of their …