The financial system and the natural real interest rate: towards a 'new benchmark theory model'
The financial system and the natural real interest rate: towards a 'new benchmark theory model'
复制标题
金融体系与自然实际利率：迈向“新基准理论模型”
DOI：
10.1093/oxrep/grx061
复制
发表时间：
2018
影响因子：
6.8
通讯作者：
Vines D
中科院分区：
文献类型：
--
作者：
Vines D
2008年的金融危机暴露了宏观经济学家用来研究、指导政策和教授研究生的模型的严重缺陷。在本文中，我们试图找到简单的添加到现有的基准模型，可以让我们回答三个问题。是什么导致了繁荣和危机？为什么复苏缓慢？政策应该如何应对这种缓慢的复苏？我们认为有必要在基准模型中加入金融摩擦。这使我们能够研究杠杆金融机构的影响，以及基于偏好栖息地的收益率曲线的影响。这些特征将引起自然真实的利率以及该利率与影响支出决定的利率之间的利差的内生变化。它们可能会从根本上改变模型对冲击的反应方式。我们指出一些有前途的模型，将这些功能。
The 2008 financial crisis revealed serious flaws in the models that macroeconomists use to research, inform policy, and teach graduate students. In this paper we seek to find simple additions to the existing benchmark model that might let us answer three questions. What caused the boom and crisis? Why has the recovery been slow? And, how should policy respond to that slow recovery? We argue that it is necessary to add financial frictions to the benchmark model. This allows us to study the effects of leveraged financial institutions, and of a yield curve based on preferred habitats. Such features will cause endogenous changes in the natural real interest rate and the spread between that interest rate and the rate which influences expenditure decisions. They are likely to radically change the way in which the model responds to shocks. We point to some promising models that incorporate these features.