International Business Cycle and Financial Intermediation
扩展了标准的两国国际实际商业周期模型，纳入银行对贷款和政府债券的金融中介，解释了美国与欧元区、美国与中国在贷款利率、存款利率和贷款溢价上的跨国相关性，并展示了2008年危机后美国相对于欧洲和中国的金融收缩现象。
Abstract The paper extends a standard two‐country international real business cycle model to include financial intermediation by banks of loans and government bonds. The paper contributes an explanation for both the United States relative to the Euro‐area, and the United States relative to China, of cross‐country correlations of loan rates, deposit rates, and the loan premia. It shows a type of financial retrenchment for the United States relative to both Europe and China following a negative bank productivity shock, such as during the 2008 crisis. After 2008, results suggest that the Euro‐area has been more financially integrated with the United States, and China less financially integrated.