同彭美玉世界的支柱之第一篇----Financial amplifiers: The dynamic role of households under heterogeneous liquidity pressure to make cross-market behavioral decisions on systemic vulnerability

This paper breaks the subjective constraints of bank runs in the DD model, and for the first time puts the psychological characteristics of households' financial behavior decision-making on the level of cross-market asset allocation that causes instability in the financial system. Through dynamic households' risk attitude and subjective investment demand rate of return, differentiated financial behavior decision-making judgment of households under different liquidity shocks is realized.This also negates the Keynesian school of mechanized procedures for the monetary realization of assets by households with static set liquidity preferences.Specifically, this paper proposes the "three firsts" model:The first DSGE model in which households are subjected to survival shocks, speculative inducements and loss incentives respectively, the first intertemporal economic profit model of banks with both interest rate sensitivity and asset liability heterogeneity, and the first limited game herding model in the stock market based on the principle of wave-particle duality (HY model for short).Through numerical simulation experiments, this paper finds three main conclusions as follows: The participation of the household sector in the formation of stock bubble prices after the shock will accelerate the loss of deposits in the banking system, which proves that the household as a survivable organization is a kind of financial vulnerability amplifier under pressure and instability;When the coverage breadth of medical shock is smaller and the average intensity is larger, the stock bubble of affected household sector participating in herd effect is larger.The wider the coverage and smaller the average intensity of medical shocks, the stronger the ability of the affected household sector to amplify the financial vulnerability of banks.