| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15133 |
| DP15133 Financial Frictions: Macro vs Micro Volatility | |
| Seungcheol Lee; Ralph Luetticke; Morten Ravn | |
| 发表日期 | 2020-08-05 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We introduce frictional financial intermediation into a HANK model. Households are subject to idiosyncratic and aggregate risk and smooth consumption through savings and consumer loans intermediated by banks. The banking friction introduces an endogenous countercyclical spread between the interest rate on savings and on loans. This interacts with incomplete markets because borrowers and savers face different intertemporal prices, and induces a time-varying mass point of high MPC households. Aggregate shocks through their impact on the spread give rise to consumption inequality. We show this mechanism to be empirically relevant. Ex-ante macro prudential regulation reduces welfare by reducing consumption smoothing. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Business cycles Financial frictions Incomplete markets Macroprudential policy monetary policy |
| URL | https://cepr.org/publications/dp15133-1 |
| 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/544094 |
| 推荐引用方式 GB/T 7714 | Seungcheol Lee,Ralph Luetticke,Morten Ravn. DP15133 Financial Frictions: Macro vs Micro Volatility. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
