| 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 examine the impact of frictional financial intermediation in a HANK model. An incentive problem restricts banking sector leverage and gives rise to an equilibrium spread between the returns on savings and debt. The size of this spread impacts on the wealth distribution and movements in it subject borrowers and savers to different intertemporal prices. The model generates a financial accelerator that is larger than in a representative agent setting, derives mainly from consumption rather than investment, and works through a countercyclical interest rate spread. Credit policy can mute this mechanism while stricter regulation of banking sector leverage inhibits households’ ability to smooth consumption in response to idiosyncratic risk. Thus, although leverage restrictions stabilize at the aggregate level, we find substantial welfare costs. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Business cycles Financial frictions Incomplete markets Macroprudential policy monetary policy |
| URL | https://cepr.org/publications/dp15133-0 |
| 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/544095 |
| 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。 | |||||
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