Do banking shocks matter for the US economy?

被引：21

作者：

Hirakata, Naohisa ^{[2
]}

Sudo, Nao ^{[1
]}

Ueda, Kozo ^{[1
]}

机构：

[1] Bank Japan, Inst Monetary & Econ Studies, Chuo Ku, Tokyo 1038660, Japan

[2] Bank Japan, Res & Stat Dept, Tokyo 1038660, Japan

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2011年 / 35卷 / 12期

关键词：

Monetary policy; Financial accelerators; Financial intermediaries; Chained credit contracts; PRICES;

D O I：

10.1016/j.jedc.2011.08.007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The quantitative significance of shocks to the financial intermediary (FI) has not received much attention up to now. We estimate a DSGE model with what we describe as chained credit contracts, using Bayesian technique. In the model, credit-constrained FIs intermediate funds from investors to credit-constrained entrepreneurs through two types of credit contract. We find that the shocks to the FIs' net worth play an important role in the investment dynamics, accounting for 17% of its variations. In particular, in the Great Recession, they are the key determinants of the investment declines, accounting for 36% of the variations. (C) 2011 Elsevier B.V. All rights reserved.

引用

页码：2042 / 2063

页数：22

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