Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/249895 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ECB Working Paper No. 2622
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We introduce frictional financial intermediation into a HANK model. Households are subject to idiosyncratic and aggregate risk and smooth consumption through savings and consumer loans intermediated by banks. The banking friction introduces an endogenous countercyclical spread between the interest rate on savings and on loans. This interacts with incomplete markets because borrowers and savers face different intertemporal prices, and induces a time-varying mass point of high MPC households. Aggregate shocks through their impact on the spread give rise to consumption inequality. We show this mechanism to be empirically relevant. Ex-ante macro prudential regulation reduces welfare by reducing consumption smoothing.
Schlagwörter: 
Business cycles
financial frictions
incomplete markets
macroprudential regulation,monetary policy
JEL: 
C11
D31
E32
E63
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-4909-5
Dokumentart: 
Working Paper

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