Credit search and credit cycles
Credit search and credit cycles
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信用搜索和信用周期
DOI：
10.1007/s00199-015-0916-5
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发表时间：
2015
期刊：
影响因子：
1.3
通讯作者：
Y. Wen
中科院分区：
文献类型：
--
作者：
Feng Dong;Pengfei Wang;Y. Wen
信贷的供求并不总是协调一致的，这反映在逆周期的超额准备金对存款比率以及贷款利率和存款利率之间的利差上。我们发展了一个基于搜索的信贷配置理论来解释银行准备金和利差的周期性波动。我们发现，在信贷市场上的搜索摩擦可以自然地解释逆周期的银行准备金和利差，以及产生内生的商业周期，主要是由信贷资源的周期性利用率驱动，长期以来由奥地利学派的商业周期。特别是，我们表明，信贷搜索可以导致内生的局部规模报酬递增和可变资本利用率的规模生产技术和匹配函数的回报不变的模型，从而提供了一个微观基础的不确定性文献Benhabib和农民（J Econ Theory 63（1）：19-41，1994）和温（J Econ Theory 81（1）：7-36，1998）。
The supply and demand of credit are not always well aligned, as is reflected in the countercyclical excess reserve-to-deposit ratio and interest spread between the lending rate and the deposit rate. We develop a search-based theory of credit allocations to explain the cyclical fluctuations in both bank reserves and interest spread. We show that search frictions in the credit market can naturally explain the countercyclical bank reserves and interest spread, as well as generate endogenous business cycles driven primarily by the cyclical utilization rate of credit resources, as long conjectured by the Austrian school of the business cycle. In particular, we show that credit search can lead to endogenous local increasing returns to scale and variable capital utilization in a model with constant returns to scale production technology and matching functions, thus providing a microfoundation for the indeterminacy literature of Benhabib and Farmer (J Econ Theory 63(1):19–41, 1994) and Wen (J Econ Theory 81(1):7–36, 1998).