Financial Crises in DSGE Models: A Prototype Model High quality books
Financial Crises in DSGE Models: A Prototype Model
By:Jaromir Benes,Mr. Michael Kumhof,Mr. Douglas Laxton
Published on 2014-04-04 by International Monetary Fund
This paper presents the theoretical structure of MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the real economy. But excessively large and risky loans can impair balance sheets and sow the seeds of a financial crisis. Banks respond to losses through higher spreads and rapid credit cutbacks, with adverse effects for the real economy. These features allow the model to capture the basic facts of financial cycles. A companion paper studies the simulation properties of MAPMOD.
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Book which was published by International Monetary Fund since 2014-04-04 have ISBNs, ISBN 13 Code is 9781475586244 and ISBN 10 Code is 1475586248
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