viernes, 16 de marzo de 2012

Macroeconomía con Fricciones Financieras

También les recomiendo este paper tomado del Blog NEP-DGE
(por cierto, recomiendo este blog para aquellos interesados en literatura que aplica modelos de equilibrio general dinámico)
Macroeconomics with Financial Frictions: A Survey
Markus K. Brunnermeier, Thomas M. Eisenbach and Yuliy Sannikov
This article surveys the macroeconomic implications of financial frictions. Financial frictions lead to persistence and when combined with illiquidity to nonlinearamplification e ects. Risk is endogenous and liquidity spirals cause financial instability. Increasing margins further restrict leverage and exacerbate downturns. A demand for liquid assets and a role for money emerges. The market outcome is generically not even constrained e cient and the issuance of government debt can lead to a Pareto improvement. While financial institutions can mitigate frictions, they introduce additional fragility and through their erratic money creation harm price stability.

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