| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16793 |
| DP16793 The Financial Origins of Non-Fundamental Risk | |
| Sushant Acharya; Keshav Dogra; Sanjay Singh | |
| 发表日期 | 2021-12-08 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We formalize the idea that the financial sector can be a source of non-fundamental risk. Households' desire to hedge against price volatility can generate price volatility in equilibrium, even absent fundamental risk. Fearing that asset prices may fall, risk-averse households demand safe assets from leveraged intermediaries, whose issuance of safe assets exposes the economy to self-fulfilling fire sales. Policy can eliminate non-fundamental risk by (i) increasing the supply of publicly backed safe assets, through issuing government debt or bailing out intermediaries, or (ii) reducing the demand for safe assets, through social insurance or by acting as a market maker of last resort. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Safe assets Self-fulfilling asset market crashes Liquidity Fire sales |
| URL | https://cepr.org/publications/dp16793 |
| 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/545725 |
| 推荐引用方式 GB/T 7714 | Sushant Acharya,Keshav Dogra,Sanjay Singh. DP16793 The Financial Origins of Non-Fundamental Risk. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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