Slow recoveries, endogenous growth and macro-prudential policy

IF 2.3 3区 经济学 Q2 ECONOMICS
Dario Bonciani , David Gauthier , Derrick Kanngiesser
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引用次数: 0

Abstract

Financial crises have severe short and long-term consequences. We develop a general equilibrium model with financial frictions and endogenous growth in which macro-prudential policy supports economic activity and productivity growth by strengthening the resilience of financial intermediaries to adverse shocks. The improved intermediation capacity of a safer financial system leads to a higher steady-state growth rate. The optimal capital ratio increases welfare by 8%, one order of magnitude more than in the case without endogenous growth.

缓慢复苏、内生增长和宏观审慎政策
金融危机会带来严重的短期和长期后果。我们建立了一个具有金融摩擦和内生增长的一般均衡模型,在这个模型中,宏观审慎政策通过加强金融中介机构抵御不利冲击的能力来支持经济活动和生产率的增长。更安全的金融体系提高了中介能力,从而提高了稳态增长率。最佳资本比率使福利增加了 8%,比无内生增长的情况高出一个数量级。
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来源期刊
CiteScore
3.30
自引率
0.00%
发文量
69
期刊介绍: Review of Economic Dynamics publishes meritorious original contributions to dynamic economics. The scope of the journal is intended to be broad and to reflect the view of the Society for Economic Dynamics that the field of economics is unified by the scientific approach to economics. We will publish contributions in any area of economics provided they meet the highest standards of scientific research.
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