The Macroeconomic Consequences of the Savings and Loan Debacle
用一般均衡框架分析储蓄与贷款行业失败及救助的宏观经济后果，区分资本损失、融资方式的经济效应和跨期资源转移，并用多国模型探讨1980-1990年代美国经济演变。
This paper used a general equilibrium framework to examine the macroeconomic consequences of the recent failures and subsequent bailout in the savings and loan industry. We distinguish between the losses in the capital stock, the economic effects of alternative methods of funding those real losses, and the intertemporal transfer of real resources implicit in backing the financial assets used. We then embed the analysis in a general equilibrium, multi-country model with intertemporal budget constraints that allows for the interaction of intertemporal adjustment and expectation revisions. The more complete model is used to explore the consequences of the S&L debacle on the evolution of the U.S. economy during the 1980s and 1990s. Copyright 1994 by MIT Press.