| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10531 |
| DP10531 Deleverage and Financial Fragility | |
| Marco Maffezzoli; Tommaso Monacelli | |
| 发表日期 | 2015-04-05 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Empirical evidence suggests that severe economic downturns, characterized by deleverage, are preceded by phenomena of debt overhang. Hence large recessions may not result from large shocks, but, rather, from typical shocks interacting with the state of the economy. We study a stochastic economy with heterogeneous agents and occasionally binding collateral constraints, where private debt evolves endogenously. The effect of deleverage shocks on aggregate output is a non-linear, S-shaped, function of the accumulated level of debt, i.e., of the degree of financial fragility. These results cast doubts on the accuracy of gauging the effects of financial disturbances in linearized, certainty-equivalence environments. |
| 主题 | International Macroeconomics |
| 关键词 | Deleverage Aggregate fluctuations Financial fragility Nonlinearities |
| URL | https://cepr.org/publications/dp10531 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539363 |
| 推荐引用方式 GB/T 7714 | Marco Maffezzoli,Tommaso Monacelli. DP10531 Deleverage and Financial Fragility. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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