| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15180 |
| DP15180 Beyond Pangloss: Financial sector origins of inefficient economic booms | |
| Frederic Malherbe; Michael McMahon | |
| 发表日期 | 2020-08-18 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Government guarantees to banks are ubiquitous. We study an equilibrium model where, in the presence of such guarantees, the equilibrium allocation can be characterised as Panglossian: it corresponds to that of a deterministic economy where the best possible state always occurs. However, GDP is inefficiently high and expected consumption inefficiently low. Financial sophistication magnifies this distortion, taking the allocation beyond the Panglossian outcome (i.e. with even higher GDP and even lower expected consumption). We argue that this mechanism is empirically relevant for advanced economies and suggest that the Great Recession, partly, reversed a Great Distortion. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp15180-0 |
| 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/544150 |
| 推荐引用方式 GB/T 7714 | Frederic Malherbe,Michael McMahon. DP15180 Beyond Pangloss: Financial sector origins of inefficient economic booms. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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