全球智库信息集成服务系统(G2TT): Risk Allocation, Debt Fueled Expansion and Financial Crisis

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w15110
来源ID	Working Paper 15110
	Risk Allocation, Debt Fueled Expansion and Financial Crisis
	Paul Beaudry; Amartya Lahiri
发表日期	2009-06-25
出版年	2009
语种	英语
摘要	In this paper we discuss how several macroeconomic features of the 2001-2009 period may have resulted from a process in which financial markets were trying to allocate risk between heterogeneous agents when productive investment opportunities are scarce. We begin by showing how heterogeneity in terms of risk tolerance can cause financial markets to propagate transitory shocks and induce higher output volatility, albeit with a higher mean. We then show how this simple heterogeneous agent framework can explain an expansion driven by the growth in consumer debt, and why the equilibrium path of such an economy is likely fragile. In particular, we demonstrate that the emergence of a small amount of asymmetric information can make the economy susceptible to changes in expectations that can induce large reversals of financial flows, the freezing of assets and a recession that can persist despite high productivity.
主题	Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics
URL	https://www.nber.org/papers/w15110
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/572785
推荐引用方式 GB/T 7714	Paul Beaudry,Amartya Lahiri. Risk Allocation, Debt Fueled Expansion and Financial Crisis. 2009.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w15110.pdf（584KB）	智库出版物		限制开放	CC BY-NC-SA	浏览