| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15088 |
| DP15088 Multimodality in Macro-Financial Dynamics | |
| Nina Boyarchenko; Tobias Adrian; Domenico Giannone | |
| 发表日期 | 2020-07-23 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We estimate the evolution of the conditional joint distribution of economic and financial conditions. While the joint distribution is approximately Gaussian during normal periods, sharp tightenings of financial conditions lead to the emergence of additional modes. The U.S. economy has historically resolved quickly to the “good” mode, but we conjecture that poor policy choices could lead to prolonged periods of multimodality. We argue that multimodality arises naturally in a macro-financial intermediary model with occasionally binding intermediary constraints. |
| 主题 | Financial Economics |
| URL | https://cepr.org/publications/dp15088 |
| 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/544044 |
| 推荐引用方式 GB/T 7714 | Nina Boyarchenko,Tobias Adrian,Domenico Giannone. DP15088 Multimodality in Macro-Financial Dynamics. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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