英文标题：
《Towards a microeconomic theory of the finance-driven business cycle》
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作者：
Alejandro Jenkins
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最新提交年份：
2015
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英文摘要：
I sketch a program for a microeconomic theory of the main component of the business cycle as a recurring disequilibrium, driven by incompleteness of the financial market and by information asymmetries between borrowers and lenders. This proposal seeks to incorporate five distinct but connected processes that have been discussed at varying lengths in the literature: the leverage cycle, financial panic, debt deflation, debt overhang, and deleveraging of households. In the wake of the 2007-08 financial crisis, policy responses by central banks have addressed only financial panic and debt deflation. Debt overhang and the slowness of household deleveraging account for the Keynesian \"excessive saving\" seen in recessions, which raises questions about the suitability of the standard Keynesian remedies.
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中文摘要：
我为一个微观经济学理论勾勒了一个程序，该理论将商业周期的主要组成部分视为一种反复出现的不平衡，这种不平衡是由金融市场的不完整性以及借款人和贷款人之间的信息不对称所驱动的。这项提案试图将文献中讨论过的五个不同但相互关联的过程结合起来：杠杆周期、金融恐慌、债务通缩、债务积压和家庭去杠杆化。2007-08年金融危机之后，各国央行的政策应对措施只解决了金融恐慌和债务通缩问题。债务积压和家庭去杠杆化的缓慢是凯恩斯主义在衰退中出现的“过度储蓄”的原因，这引发了人们对标准凯恩斯主义补救措施的适用性的质疑。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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