Chapter 21 The financial accelerator in a quantitative business cycle framework

摘要: Abstract 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 qualitative and quantitative standpoint. The synthesis leading approaches literature. In particular, framework exhibits “financial accelerator”, endogenous developments markets work amplify propagate shocks macroeconomy. addition, we add several features are designed enhance empirical relevance. First, incorporate money price stickiness, which allows us study how may influence transmission monetary policy. allow for lags investment enables generate hump-shaped output dynamics lead-lag relation between asset prices investment, as consistent with data. Finally, heterogeneity among firms capture fact borrowers have differential access capital markets. Under reasonable parametrizations model, financial accelerator has significant on cycle dynamics.