Financial Intermediation, Crises and Aggregate Economic Activity

摘要命题：金融中介、危机和总体经济活动提案编号：SES-1325679主要调查者：Kiyotaki，Nobuhiro这个项目研究流动性、资产价格和总体经济活动之间的相互作用。特别关注的是金融中介、危机和实体经济。该项目研究了一系列与政策相关的问题，例如(1)是什么导致了金融危机？危机是由资源配置不当引起的，还是由银行挤兑引起的？(2)金融不稳定的根源是什么？这是与契约的不完全性有关，还是与小企业和家庭在资产市场的参与有限有关？(3)政府应该如何干预？货币和财政政策应该如何以及何时缓解金融危机？(4)为什么某些国家(如日本和一些欧洲国家)在金融危机后会经历长期的停滞？他们如何才能避免这样的陷阱呢？该项目将有助于更好地理解金融危机之前、期间和之后的金融中介、资产负债表调整和总产出之间的相互作用。通过开发一个综合了宏观经济和微观经济方法来应对银行业和银行业不稳定的模型，该模型可以改善对金融危机的预测，并指出其局限性。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)，提供了对金融危机可能如何导致增长放缓的洞察。该项目制定了对公共政策制定有用的框架。该项目的结果将建议政策制定者对金融不稳定采取折中的方法。

AbstractProposal Title: Financial Intermediation, Crises and Aggregate Economic ActivityProposal Number: SES - 1325679Principal Investigator: Kiyotaki, Nobuhiro This project studies the interaction between liquidity, asset price and aggregate economic activity. The particular focus is on financial intermediation, crises and real economy. The project examines a set of policy relevant questions such as (1) what causes a financial crisis? Is a crisis caused by misallocation of resources or by bank run? (2) What are the sources of financial instability? Has it to do with contractual incompleteness, or to do with the limited participation of small businesses and households in asset markets? (3) How should government intervene? How and when should monetary and fiscal policies ameliorate financial crises? (4) Why do certain countries (such as Japan and some European countries) experience a long stagnation after a financial crisis? How could they avoid such a trap? This project would lead to a better understanding of the interaction between financial intermediation, balance sheet adjustment and aggregate production before, during, and after, a financial crisis. By developing a model that synthesizes the macroeconomic and microeconomic approaches to banking and banking instability, the model could improve forecasting financial crisis, as well as pointing out its limitation. The analysis of balance sheet adjustment includes both financial and real assets (such as tangible and intangible capital), providing an insight into how a financial crisis may lead to a slower growth. This project develops frameworks which would be useful for public policy making. The results of the project would recommend policy makers to take an eclectic approach to the financial instability.