Financial Cycles with Heterogeneous Intermediaries
构建了一个包含异质性金融中介和内生进入的动态宏观模型，研究利率变化如何通过中介的风险转移行为影响宏观经济风险与金融稳定，揭示了货币政策的冒险渠道。
Abstract We develop a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. Time-varying endogenous macroeconomic risk arises from the risk-shifting behaviour of the cross-section of financial intermediaries. When interest rates are high, a decrease in interest rates stimulates investment and decreases aggregate risk. In contrast, when they are low, further stimulus can increase financial instability while inducing a fall in the risk premium. In this case, there is a trade-off between stimulating the economy and financial stability. This provides a model of the risk-taking channel of monetary policy.