A Macroeconomic Model With Financially Constrained Producers and Intermediaries
构建了一个包含金融中介和融资约束生产者的宏观模型，研究银行资本监管对经济总量、信贷、金融脆弱性和福利的影响，发现危机前资本要求接近最优，逆周期资本要求能提高福利。
How much capital should financial intermediaries hold? We propose a general equilibrium model with a financial sector that makes risky long‐term loans to firms, funded by deposits from savers. Government guarantees create a role for bank capital regulation. The model captures the sharp and persistent drop in macro‐economic aggregates and credit provision as well as the sharp change in credit spreads observed during financial crises. Policies requiring intermediaries to hold more capital reduce financial fragility, reduce the size of the financial and non‐financial sectors, and lower intermediary profits. They redistribute wealth from savers to the owners of banks and non‐financial firms. Pre‐crisis capital requirements are close to optimal. Counter‐cyclical capital requirements increase welfare.