| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12282 |
| DP12282 A Macroeconomic Model with Financially Constrained Producers and Intermediaries | |
| Stijn Van Nieuwerburgh; Tim Landvoigt; Vadim Elenev | |
| 发表日期 | 2017-09-07 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We propose a model that can simultaneously capture the sharp and persistent drop in macro-economic aggregates and the sharp change in credit spreads observed in the U.S. during the Great Recession. The model features financial intermediaries that make long-term defaultable loans to producers and raise short-term debt from savers. Intermediaries are subject to a regulatory equity capital constraint. Policies limiting intermediary leverage redistribute wealth from savers to equity owners of producers and intermediaries. The benefits of lower intermediary leverage for financial stability are offset by the costs from lower output. Current capital requirements are close to optimal. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Financial intermediation Macroprudential policy Credit spread Intermediary-based asset pricing |
| URL | https://cepr.org/publications/dp12282 |
| 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/541093 |
| 推荐引用方式 GB/T 7714 | Stijn Van Nieuwerburgh,Tim Landvoigt,Vadim Elenev. DP12282 A Macroeconomic Model with Financially Constrained Producers and Intermediaries. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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