Financial Crises in Dsge Models: A Prototype Model ePub (Adobe DRM) download by Jaromir Benes

Financial Crises in Dsge Models: A Prototype Model

INTERNATIONAL MONETARY FUND
Publication date: April 2014
ISBN: 9781475524987
Digital Book format: ePub (Adobe DRM)

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This paper presents the theoretical structure of MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the real economy. But excessively large and risky loans can impair balance sheets and sow the seeds of a financial crisis. Banks respond to losses through higher spreads and rapid credit cutbacks, with adverse effects for the real economy. These features allow the model to capture the basic facts of financial cycles. A companion paper studies the simulation properties of MAPMOD.
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