Financial Intermediation, Business Failures, and Real Business Cycles
Financial Intermediation, Business Failures, and Real Business Cycles
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金融中介、企业失败和真实商业周期
DOI：
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发表时间：
1987
影响因子：
8.2
通讯作者：
Stephen D. Williamson
中科院分区：
文献类型：
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作者：
Stephen D. Williamson
本文建立了一个一般均衡经济周期模型，该模型模拟了实际产出、货币、企业倒闭、风险程度、中介贷款和价格之间的动态变化。相比之下，货币差异产生的周期与经验证据有几处不一致，因此为真正的商业周期理论提供了支持，代价是商业周期的货币理论。金融中介内生于经济周期行为的模型和中介问题。在Tande m中，信贷供应机制在传播随机扰动时具有跨期替代效应。版权所有，芝加哥大学出版社1987年出版。
In this paper, a general-equilibrium business- cycle model is construct ed that, when subjected to real disturbances, mimics observed qualita tive comovements among real output, money, business failures, risk pr emia, intermediary loans, and prices. In contrast, monetary disturban ces generate cycles that have several inconsistencies with empirical evidence, thus providing support for real business-cycle theory at th e expense of monetary theories of the business cycle. Financial inter mediation arises endogenously in the model and intermediation matters for business-cycle behavior. A credit supply mechanism acts in tande m with an intertemporal substitution effect in propagating stochastic disturbances. Copyright 1987 by University of Chicago Press.