Abstract Credit markets in emerging economies can be distinguished from those in advanced economies in many respects, including the collateral required for households to borrow. This work proposes a DSGE framework to analyze one peculiarity that characterizes the credit markets of some emerging markets: payroll-deducted personal loans. We add the possibility for households to contract long-term debt and compare two different types of credit constraints with one another, one based on housing and the other based on future income. We estimate the model for Brazil using a Bayesian technique. The model is able to solve a puzzle of the Brazilian economy: responses to monetary shocks at first appear to be strong but dissipate quickly. This occurs because income – and the amount available for loans – responds more rapidly to monetary shocks than housing prices. To smooth consumption, agents (borrowers) compensate for lower income and for borrowing by working more hours to repay loans and erase debt in a shorter time. Therefore, in addition to the income and substitution effects, workers consider the effects on their credit constraints when deciding how much labor to supply, which becomes an additional channel through which financial frictions affect the economy.

中文翻译：

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新兴经济体的家庭借贷限制和货币政策

摘要新兴经济体的信贷市场可以在许多方面与发达经济体的信贷市场区分开，包括家庭借款所需的抵押品。这项工作提出了一个DSGE框架，以分析一种表征某些新兴市场信贷市场特征的特征：扣除工资的个人贷款。我们增加了家庭签定长期债务的可能性，并将两种不同类型的信贷约束相互比较，一种基于住房，另一种基于未来收入。我们使用贝叶斯技术估计巴西的模型。该模型能够解决巴西经济的难题：起初对货币冲击的反应似乎很强，但很快就消散了。发生这种情况的原因是，收入（以及可用于贷款的金额）对货币冲击的反应比房价更快。为了使消费平稳，代理商（借款人）通过工作更长的时间以在较短的时间内偿还贷款和偿还债务来补偿较低的收入和借款。因此，除了收入和替代效应外，工人在决定提供多少劳动力时还要考虑信用约束的影响，这成为金融摩擦影响经济的另一渠道。