| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24757 |
| 来源ID | Working Paper 24757 |
| A Macroeconomic Model with Financially Constrained Producers and Intermediaries | |
| Vadim Elenev; Tim Landvoigt; Stijn Van Nieuwerburgh | |
| 发表日期 | 2018-06-25 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | How much capital should financial intermediaries hold? We propose a general equilibrium model with a financial sector that makes risky long-term loans to firms, funded by deposits from savers. Government guarantees create a role for bank capital regulation. The model captures the sharp and persistent drop in macro-economic aggregates and credit provision as well as the sharp change in credit spreads observed during the Great Recession. Policies requiring intermediaries to hold more capital reduce financial fragility, reduce the size of the financial and non-financial sectors, and locally increase macro-economic volatility. They redistribute wealth from savers to the owners of banks and non-financial firms. Current capital requirements are close to optimal. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Money and Interest Rates ; Fiscal Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w24757 |
| 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/582429 |
| 推荐引用方式 GB/T 7714 | Vadim Elenev,Tim Landvoigt,Stijn Van Nieuwerburgh. A Macroeconomic Model with Financially Constrained Producers and Intermediaries. 2018. |
| 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 | ||
| w24757.pdf（1308KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
