Financial Frictions: Micro versus Macro Volatility
利用丹麦家庭数据，研究发现消费信贷利差对家庭资产和消费的影响因财富水平而异，且时变利差导致边际消费倾向逆周期，通过HANK模型揭示金融摩擦放大宏观冲击并加剧消费不平等。
We argue that consumer credit spreads matter for household choices and that time-varying spreads have important distributional consequences. Studying Danish household data, we show that consumer credit spreads have heterogeneous impact on asset dynamics and consumption choices across the wealth distribution and that time-varying spreads induce a countercyclical marginal propensity to consume. We study a HANK model where banks provide consumer credit and corporate loans. Through countercyclical credit spreads, frictional finance amplifies aggregate shocks and induces consumption inequality. Economies with less leveraged banks experience reduced aggregate volatility but may face higher volatility and lower welfare at the household level.