Liquidity, Intangibles and Stagnation

该项目将调查金融摩擦、增长和波动之间的相互作用。特别关注的是无形资本。本奖项的目的是调查金融危机的原因和后果。通过这个项目，我们试图更好地理解金融危机之前、期间和之后金融中介、资产负债表调整和总产出之间的相互作用，以改进公共政策。通过开发一个包含预期和已实现银行挤兑的金融中介的宏观经济模型，我们的框架将提高我们对危机事件的理解，并指出预测危机的局限性。我们对资产负债表调整的分析既包括金融资产，也包括实际资产(如有形和无形资本)，从而洞察金融危机可能如何导致增长放缓和不平等加剧。该项目制定了有助于公共政策制定和教学的框架。该项目的成果将强调无形资本积累的重要性、金融和宏观经济稳定的补充作用，并建议决策者对金融稳定和停滞问题采取折衷办法。这项工作将与约翰·摩尔、张胜兴、马克·格特勒、安德里亚·普雷斯蒂皮诺、青木康介和吉安卢卡·贝尼尼奥共同进行。与约翰·摩尔和张胜兴合作的这个项目调查了企业家有限的承诺对外部金融家的视野、无形资本积累、增长和商业周期的影响。这个与张胜兴合作的项目考察了金融摩擦对工作技能积累、不平等和停滞的长期影响。与Mark Gertler和Andrea Prestipino合作的项目构建了一个银行业宏观经济模型，该模型结合了金融加速器和展期风险来研究金融危机，而与青木康介和GianLuca Benigno合作的项目修改了这种框架，以研究新兴市场经济体的金融和宏观稳定性。拟议的项目涉及以下问题：(1)为什么某些国家在金融危机后经历了长期的停滞？(2)金融不稳定的根源是什么？它们是否与合同的不完备性有关，还是与资产市场参与者的有限数量和净资产有关？(3)政府应该如何实施货币、金融和财政政策，以改善金融危机和改善福利？该奖项反映了NSF的法定使命，并通过使用基金会的智力价值和更广泛的影响审查标准进行评估，被认为值得支持。

The project will investigate the interaction between financial frictions, growth and fluctuations. The particular focus is on intangible capital. The objective of the current award is to investigate the causes and consequences of financial crises. Through this project, we try to understand better the interaction between financial intermediation, balance sheet adjustment and aggregate production before, during and after financial crises, in order to improve public policies. By developing a macroeconomic model with financial intermediaries that incorporates anticipated and realized bank runs, our framework would improve our understanding of crisis events as well as point out the limitations of predicting crises. Our analysis of balance sheet adjustment includes both financial and real assets (such as tangible and intangible capital), providing insight into how a financial crisis may lead to slower growth and a rise in inequality. The project develops frameworks which would be useful for public policy making as well as teaching. The results of the project would emphasize the importance of intangible capital accumulation, the complementary role of financial and macroeconomic stability, and recommend that policy makers take an eclectic approach to the issue of financial stability and stagnation. The work will be carried out jointly with John Moore, Shengxing Zhang, Mark Gertler, Andrea Prestipino, Kosuke Aoki, and Gianluca Benigno. The project with John Moore and Shengxing Zhang investigates the implications of the limited commitment of entrepreneurs for the horizons of external financiers, intangible capital accumulation, growth and business cycles. The project with Shengxing Zhang examines the long-run effects of financial friction on the accumulation of skills on the job, inequality and stagnation. The project with Mark Gertler and Andrea Prestipino builds a macroeconomic model of banking that incorporates financial accelerators and rollover risk to examine financial crises, while the project with Kosuke Aoki and Gianluca Benigno modifies such framework to examine financial and macro stability of emerging market economies. The proposed project addresses questions such as: (1) Why do certain countries experience a long stagnation after a financial crisis? (2) What are the sources of financial instability? Do they have to do with contractual incompleteness, or to do with the limited number and net worth of participants in the asset markets? (3) How should government conduct monetary, financial, and fiscal policies to ameliorate financial crises and improve welfare?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.