A Macroeconomic Model with a Financial Sector

This article studies the full equilibrium dynamics of an economy with financial frictions. Due to highly nonlinear amplification effects, the economy is prone to instability and occasionally enters volatile crisis episodes. Endogenous risk, driven by asset illiquidity, persists in crisis even for ve...

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Vydané v:	The American economic review Ročník 104; číslo 2; s. 379 - 421
Hlavní autori:	Brunnermeier, Markus K., Sannikov, Yuliy
Médium:	Journal Article
Jazyk:	English
Vydavateľské údaje:	Nashville American Economic Association 01.02.2014 American Economic Assoc
Predmet:	Analysis Capital investments Capital structure Crises Criticism Derivatives Economic crisis Economic models Economic theory Endogenous Equilibrium Equity Financial leverage Financial risk Financial services Finanzkrise Investment risk Leverage Macroeconomics Net worth Prices Return on capital Risk Securitization Steady state economies Studies Systemrisiko Verbriefung Volatility Volatilität Wealth
ISSN:	0002-8282, 1944-7981
On-line prístup:	Získať plný text
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