分享论文

The Financial Accelerator in a Quantitative Business Cycle Framework (BGG 1999)

分享人

刘建建（山东财经大学）

时间、地点

2022年10月30日（周日）下午14:00-16:30

腾讯会议 395-5682-4845

主持人

王忏（金融学院）

赵军柱（一竞技）

活动对象

一竞技本科生、研究生

人数规模

不限

论文摘要

This chapter develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the framework exhibits a "financial accelerator", in that endogenous developments in credit markets work to amplify and propagate shocks to the macroeconomy. In addition, we add several features to the model that are designed to enhance the empirical relevance. First, we incorporate money and price stickiness, which allows us to study how credit market frictions may influence the transmission of monetary policy. In addition, we allow for lags in investment which enables the model to generate both hump-shaped output dynamics and a lead-lag relation between asset prices and investment, as is consistent with the data. Finally, we allow for heterogeneity among firms to capture the fact that borrowers have differential access to capital markets. Under reasonable parametrizations of the model, the financial accelerator has a significant influence on business cycle dynamics.