全球智库信息集成服务系统(G2TT): Financial Cycles with Heterogeneous Intermediaries

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w23245
来源ID	Working Paper 23245
	Financial Cycles with Heterogeneous Intermediaries
	Nuno Coimbra; Hélène Rey
发表日期	2017-03-20
出版年	2017
语种	英语
摘要	We develop a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. Time-varying endogenous macroeconomic risk arises from the risk-shifting behaviour of the cross-section of financial intermediaries. When interest rates are high, a decrease in interest rates stimulates investment and decreases aggregate risk. In contrast, when they are low, further stimulus can increase financial instability while inducing a fall in the risk premium. In this case, there is a trade-off between stimulating the economy and financial stability. This provides a model of the risk-taking channel of monetary policy.
主题	Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Financial Institutions
URL	https://www.nber.org/papers/w23245
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/580919
推荐引用方式 GB/T 7714	Nuno Coimbra,Hélène Rey. Financial Cycles with Heterogeneous Intermediaries. 2017.