MACRO‐FINANCE LINKAGES
综述了金融市场与实体经济之间联系的理论与实证研究，包括金融部门影响宏观经济的理论、金融溢出效应以及央行应对金融状况的货币政策争论。
Abstract In this survey, I review the academic and policy‐oriented literature on the linkages between financial markets and the rest of the economy. First, I summarize the leading economic theories for why the financial sector can influence the macroeconomy. Second, I consider empirical research on spillovers from the financial sector to the rest of the economy, as well as across financial markets in different countries. Third, I discuss key monetary policy debates regarding the appropriate response of central banks to financial conditions. Finally, I conclude with an overview of the major gaps in the existing literature.