A Macroeconomic Model with Financial Panics
A Macroeconomic Model with Financial Panics
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DOI：
10.17016/ifdp.2017.1219
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发表时间：
2017-12
期刊：
影响因子：
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通讯作者：
M. Gertler;N. Kiyotaki;Andrea Prestipino
中科院分区：
文献类型：
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作者：
M. Gertler;N. Kiyotaki;Andrea Prestipino
本文将银行和银行业恐慌纳入传统的宏观经济框架，分析最近经历的金融危机的动态。我们特别感兴趣的是，银行业恐慌的突然性和离散性，以及使经济在某些情况下易受此类恐慌影响而在其他情况下则不受影响的环境。有了传统的宏观经济模型，我们就可以从定性和定量两个方面研究危机影响真实的活动的渠道。除了对金融崩溃进行建模之外，我们还引入了一种信念驱动的信贷繁荣，这种信贷繁荣增加了经济对破坏性银行恐慌的敏感性。
This article incorporates banks and banking panics within a conventional macroeconomic framework to analyse the dynamics of a financial crisis of the kind recently experienced. We are particularly interested in characterizing the sudden and discrete nature of banking panics as well as the circumstances that make an economy vulnerable to such panics in some instances but not in others. Having a conventional macroeconomic model allows us to study the channels by which the crisis affects real activity both qualitatively and quantitatively. In addition to modelling the financial collapse, we also introduce a belief driven credit boom that increases the susceptibility of the economy to a disruptive banking panic.