کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7388262 1480802 2016 29 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Imperfect information about financial frictions and consequences for the business cycle
ترجمه فارسی عنوان
اطلاعات نامناسب در مورد اصلاحات مالی و عواقب آن برای چرخه تجاری
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
In this paper, we discuss the consequences of imperfect information about financial frictions on the macroeconomy. We rely on a New Keynesian DSGE model with a banking sector in which we introduce imperfect information about a limited enforcement problem. Bank managers like to divert resources and can increase the share of diversion. This can only be observed imperfectly by depositors. The ensuing imperfect information generates a higher volatility of the business cycle. Spillovers from the financial sector to the real economy are higher and shocks in general are considerably amplified in the transition period until agents' learning is complete. Volatility and other second-order moments also display an amplification under the learning setup compared with the rational expectations framework.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Economic Dynamics - Volume 22, October 2016, Pages 179-207
نویسندگان
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