CAREER: Frictional Financial Markets, Crises and Policies

金融市场机构是国家内部和国家之间风险和资本分配的关键决定因素。该项目包括三个主要研究问题，探讨金融市场不完善的经济后果以及政策在改善这些结果中的作用。第一个领域的重点是理解为什么在生产网络中有联系的公司倾向于相互借贷，以及这些公司间的金融关系对宏观经济稳定的影响。第二个范畴是在全球中央银行最近推行资产购买的情况下，研究货币管理当局管理资产负债表的最佳准则。第三个领域研究了为什么在过去十年中，关键经济指标显示各国资本流动障碍增加的原因。该项目的教育部分为研究生举办了一个讲习班，教授分析开放和封闭经济体中摩擦性金融市场的前沿方法。这些研究项目的结果将对美国的宏观经济政策产生广泛的影响。第一个领域研究贸易信贷关系的宏观经济含义。在大多数国家，生产网络中的公司之间的交易通常涉及签发借据，而不是即期付款。这些贸易信贷票据是流动性管理的关键工具，其可用性或条款的变化对公司的业绩有重大影响。这一领域的第一个项目开发了贸易信贷关系的宏观经济模型，并利用该框架衡量这些联系如何影响金融冲击的传播。第二个项目探讨了自我实现的期望在解释公司间支付网络突然冻结方面的作用。第二个领域侧重于2008年后一些国家实施的“非常规”货币和财政政策的积极和规范方面。这一领域的第一个项目为小型开放经济体管理外汇储备制定最佳标准，而第二个项目则侧重于从事量化宽松的中央银行的资产负债表管理。第三个领域旨在理解我们在2008年之后观察到的几种货币与覆盖利率平价的偏离。这项研究表明，所观察到的偏离覆盖利率平价的一个相当大的组成部分是由于扩大买卖价差所要求的交易商在货币市场，而不是套利机会，它提出了一个模型来解释这一发现。这个奖项反映了NSF的法定使命，并已被认为是值得支持的评估使用基金会的智力价值和更广泛的影响审查标准。

Financial markets institutions are key determinants of the allocation of risk and capital, both within and across countries. This project consists of three main research questions that explore the economic consequences of financial market imperfections and the role of policy in improving these outcomes. The first area focuses on understanding why firms linked in a production network tend to borrow and lend to each other, and the implications of these inter-firms financial relations for macroeconomic stability. The second area examines optimality criteria for the management of the balance sheet of a monetary authority, in the context of the recent waves of asset purchases pursued by central banks around the world. The third area studies the reasons why, over the past decade, key economic indicators have signaled an increase in barriers to capital mobility across countries. The educational component of the project convenes a workshop with graduate students to teach frontier methods for the analysis of frictional financial markets in open and closed economies. The findings from these research projects will have broad implications for US macroeconomic policy.This research focuses on three areas. The first area studies the macroeconomics implications of trade credit relationships. In most countries, transactions between firms in a production network typically involve the issuance of an IOU rather than a spot payment. These trade-credit bills are a key instruments for liquidity management, and changes in their availability or terms have major effects on firms‘ performance. The first project in this area develops a macroeconomic model of trade credit relationships and uses the framework to measure how these links affect the propagation of financial shocks. The second project explores the role of self-fulfilling expectations in explaining sudden freezes of the inter-firms network of payments. The second area focuses on positive and normative aspects of ``unconventional" monetary and fiscal policies carried out by several countries after 2008. The first project in this area develops optimality criteria for the management of foreign reserves by a small open economy, while the second project focuses on the management of the balance sheet for a central bank that engages in quantitative easing. The third area aims at understanding the deviations from covered interest parity we have observed for several currencies after 2008. This research shows that a sizable component of the observed deviations from covered interest parity is due to the widening of the bid-ask spreads demanded by dealers in currency markets rather than an arbitrage opportunity, and it proposes a model to interpret this finding.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.