| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11907 |
| DP11907 Financial Cycles with Heterogeneous Intermediaries | |
| Helene Rey | |
| 发表日期 | 2017-03-14 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper develops a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. It features time-varying endogenous macroeconomic risk that arises from the risk-shifting behaviour of financial intermediaries combined with entry and exit. We show that when interest rates are high, a decrease in interest rates stimulates investment and increases financial stability. In contrast, when interest rates are low, further stimulus can increase systemic risk and induce a fall in the risk premium through increased risk-shifting. In this case, the monetary authority faces a trade-off between stimulating the economy and financial stability. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Banks Systemic risk Cycle Leverage Risk-shifting |
| URL | https://cepr.org/publications/dp11907-1 |
| 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/540718 |
| 推荐引用方式 GB/T 7714 | Helene Rey. DP11907 Financial Cycles with Heterogeneous Intermediaries. 2017. |
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