Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/153626 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
ECB Working Paper No. 1192
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial intermediation — ‘financial factors’ in short — are prime determinants of economic fluctuations. They have been critical triggers and propagators in the recent financial crisis. Financial intermediation turns an otherwise diversifiable source of idiosyncratic economic uncertainty, the ‘risk shock’, into a systemic force.
Schlagwörter: 
Bayesian estimation
DSGE model
Financial Frictions
Financial shocks
Funding channel
Lending channel
JEL: 
E3
E22
E44
E51
E52
E58
C11
G1
G21
G3
Dokumentart: 
Working Paper

Datei(en):
Datei
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