Financial Cycles with Heterogeneous Intermediaries

IF 5.9 1区经济学 Q1 ECONOMICS

Review of Economic Studies Pub Date : 2023-04-13 DOI:10.1093/restud/rdad039

Nuno Coimbra, Hélène Rey

引用次数: 0

Abstract

Abstract We develop a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. Time-varying endogenous macroeconomic risk arises from the risk-shifting behaviour of the cross-section of financial intermediaries. When interest rates are high, a decrease in interest rates stimulates investment and decreases aggregate risk. In contrast, when they are low, further stimulus can increase financial instability while inducing a fall in the risk premium. In this case, there is a trade-off between stimulating the economy and financial stability. This provides a model of the risk-taking channel of monetary policy.

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异质性中介的金融周期

摘要本文建立了一个具有异质性金融中介和内生进入的动态宏观经济模型。时变内生宏观经济风险产生于金融中介机构的风险转移行为。当利率高时，利率的下降会刺激投资并降低总风险。相反，当利率较低时，进一步的刺激可能会增加金融不稳定，同时导致风险溢价下降。在这种情况下，在刺激经济和金融稳定之间需要权衡取舍。这为货币政策的风险承担渠道提供了一个模型。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Economic Studies ECONOMICS-

CiteScore

10.40

自引率

3.40%

发文量

期刊介绍： Founded in 1933 by a group of young British and American economists, The Review of Economic Studies aims to encourage research in theoretical and applied economics, especially by young economists. Today it is widely recognised as one of the core top-five economics journals. The Review is essential reading for economists and has a reputation for publishing path-breaking papers in theoretical and applied economics. The Review is committed to continuing to publish strong papers in all areas of economics. The Editors aim to provide an efficient and high-quality review process to the Review''s authors. Where articles are sent out for full review, authors receive careful reports and feedback. Since 1989 The Review has held annual May Meetings to offer young students in economics and finance the chance to present their research to audiences in Europe.