Collateral Shocks
基于美国数据估计的宏观经济模型发现，银行调整家庭和企业贷款抵押品要求的能力变化（抵押品冲击）是驱动商业周期的最重要因素，该冲击能准确复现产出、消费、投资、就业及信贷量等变量的联合动态。
We estimate a macroeconomic model on US data where banks lend to households and businesses and simultaneously adjust lending requirements on the two types of loans. We find that the collateral shock, a change in the ability of the financial sector to redeploy collateral, is the most important force driving the business cycle. Hit by this unique disturbance, our model quantitatively replicates the joint dynamics of output, consumption, investment, employment, and both household and business credit quantities and spreads. The estimated collateral shock generates accurate movements in lending standards and tracks measures of market sentiment.