Oil price fluctuations, US banks, and macroprudential policy
利用美国银行微观数据，发现高油价对银行资产负债表有负面影响，尤其对高杠杆银行更显著；通过构建包含银行和石油部门的一般均衡模型，揭示金融加速器机制放大油价冲击，并评估宏观审慎政策（逆周期资本缓冲）的稳定效果。
Using US micro-level data on banks, we document a negative effect of high oil prices onUS banks’ balance sheets, more negative for highly leveraged banks. We set and estimate ageneral equilibrium model with banking and oil sectors that rationalizes those findings throughthe financial accelerator mechanism. This mechanism amplifies the effect of oil price shocks,making them non-negligible drivers of the dynamics of US banks’ intermediation activity andof the US real economy. Macroprudential policy, in the form of a countercyclical capital buffer,can meaningfully address oil price fluctuations and reduce the volatility they cause in the USeconomy.