publication . Part of book or chapter of book . Other literature type . 1999

chapter 21 the financial accelerator in a quantitative business cycle framework

Bernanke, Ben S.; Gertler, Mark; Gilchrist, Simon;
Open Access
  • Published: 01 Jan 1999
  • Publisher: Elsevier
Abstract
Abstract This chapter develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the framework exhibits a “financial accelerator”, in that endogenous developments in credit markets work to amplify and propagate shocks to the macroeconomy. In addition, we add several features to the model that are designed to enhance the empirical relevance. First, we incorporate money and price stickiness, which allows us to study how credit market frictions may...
Subjects
free text keywords: Market depth, Mark to model, Economics, Financial accelerator, General equilibrium theory, Monetary policy, Microeconomics, Bond market, Capital market, Macroeconomics, Monetary economics, Finance, business.industry, business, Business cycle
Related Organizations
Download fromView all 2 versions
http://faculty.wcas.northweste...
Part of book or chapter of book
Provider: UnpayWall
http://dx.doi.org/10.1016/s157...
Other literature type . 1999
Provider: Datacite
http://dx.doi.org/10.1016/s157...
Part of book or chapter of book
Provider: Crossref
Powered by OpenAIRE Research Graph
Any information missing or wrong?Report an Issue