| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18102 |
| 来源ID | Working Paper 18102 |
| Macroeconomics with Financial Frictions: A Survey | |
| Markus K. Brunnermeier; Thomas M. Eisenbach; Yuliy Sannikov | |
| 发表日期 | 2012-05-31 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This article surveys the macroeconomic implications of financial frictions. Financial frictions lead to persistence and when combined with illiquidity to non-linear amplification effects. Risk is endogenous and liquidity spirals cause financial instability. Increasing margins further restrict leverage and exacerbate downturns. A demand for liquid assets and a role for money emerges. The market outcome is generically not even constrained efficient and the issuance of government debt can lead to a Pareto improvement. While financial institutions can mitigate frictions, they introduce additional fragility and through their erratic money creation harm price stability. |
| 主题 | Other ; General, Teaching ; Macroeconomics ; Macroeconomic Models ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w18102 |
| 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/575791 |
| 推荐引用方式 GB/T 7714 | Markus K. Brunnermeier,Thomas M. Eisenbach,Yuliy Sannikov. Macroeconomics with Financial Frictions: A Survey. 2012. |
| 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 | ||
| w18102.pdf（649KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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