Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
收藏NBER2020-05-01 更新2025-01-04 收录
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https://www.nber.org/papers/w27088
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资源简介：
We develop a model of financial crises with both a financial amplification mechanism, via frictional intermediation, and a role for sentiment, via time-varying beliefs about an illiquidity state. The model accounts for the entire crisis cycle, matching data on the frothy pre-crisis behavior of asset
提供机构：
美国国家经济研究局
创建时间：
2020-05-01
