Financial intermediation, consumption dynamics, and business cycles

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• 作者：Carlos A. Yé ; pez ^{Carlos.Yepez@umanitoba.ca}
• 关键词：E22 ; E32 ; E44 ; J23 ; J24
• 刊名：Economic Modelling
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：60
• 期：Complete
• 页码：231-243
• 全文大小：2012 K
• 卷排序：60

文摘

We examine real effects of financial intermediation and firms financial frictions. The impact of a shock to the quality of equity capital is evaluated. Capital quality shocks generate counter-factual consumption co-movements. Firms financing frictions have important effects on real and financial variables. Assessing sources of fluctuations is relevant for macro-prudential policy analysis.