信息动力学和宏观波动

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2023-10-01 DOI:10.1257/mac.20210101

Kyriakos Chousakos, Gary Gorton, Guillermo Ordoñez

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引用次数: 0

摘要

随着时间的推移，有关企业生产率和贷款担保品质量的信息量会有所不同。这些信息动态决定了信用、产出和生产率的演变，而这又反馈给了生产信息的激励。我们描述了这种复杂的动态关系。当有关抵押品的信息贬值时，就会出现信贷繁荣。当有关抵押品的信息突然产生时，金融危机就发生了。企业在信贷繁荣时期的个人生产率信息可以作为一种内生的宏观审慎力量，预防或抑制危机。(jel d24, d83, e32, e44, g01, g32)

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Information Dynamics and Macro Fluctuations

The amount of information produced about firms’ productivities and about the quality of collateral backing their loans varies over time. These information dynamics determine the evolution of credit, output and productivity, which feeds back into incentives to produce information. We characterize this intricate dynamic relation. A credit boom happens when information about collateral depreciates. A financial crisis happens when information about collateral is suddenly generated. Information about firms’ individual productivities over credit booms can prevent or tame the crisis, acting as an endogenous macroprudential force. (JEL D24, D83, E32, E44, G01, G32)

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.