Financial Intermediary, Crises and Macroeconomic Policy

该项目资助研究流动性，资产价格和总活动之间的相互作用，重点是金融中介，危机和宏观经济政策。我们的目标是开发新的建模框架，以提高我们对金融中介、资产负债表调整和总生产之间相互作用的理解。这些宏观经济框架包括实际银行挤兑的可能性和银行挤兑的预期。因此，本文的研究可以提高我们对金融危机事件的认识。研究计划的一部分将分析包括金融和真实的资产在内的资产负债表调整，并就金融危机如何可能导致总体经济增长放缓提供新的见解。研究结果将使决策者更好地了解如何最好地促进金融和宏观经济稳定。第一个是与Kosuke Aoki和Gianluca Benigno合作，研究了一个小型开放经济体，该经济体通过向国内外代理人借款来资助资本投资，探讨了货币和金融政策的作用。第二个项目是与Mark Gertler的联合工作;它建立了一个银行业的宏观经济模型，其中包括金融加速器和展期风险，以研究金融危机。与约翰·摩尔合作的第三个项目研究当许多金融中介机构相互借贷时的系统性风险。

This project funds research into the interaction between liquidity, asset prices, and aggregate activity with a focus on financial intermediation, crises, and macroeconomic policies. The goal is to develop new modeling frameworks that will improve our understanding of the interactions between financial intermediation, balance sheet adjustment, and aggregate production. These macroeconomic frameworks incorporate the possibility of actual bank runs and anticipation of bank runs. As a result, the research can improve our understanding of financial crisis events. One part of the research program will analyze balance sheet adjustment including both financial and real assets, and provides new insights into how a financial crisis may lead to slower aggregate economic growth. The results of the research will give policymakers better insight into how to best promote financial and macroeconomic stability.The project has several parts. The first is joint with Kosuke Aoki and Gianluca Benigno, and it investigates a small open economy with financial intermediaries which fund capital investment by borrowing from home and foreign agents, exploring the role of monetary and financial policies. The second project is joint work with Mark Gertler; it builds a macroeconomic model of banking which incorporates a financial accelerator and rollover risk to examine financial crises. The third project with John Moore studies systemic risk when many financial intermediaries lend and borrow from each other.