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Chapter 4 describes a core DSGE model with financial frictions. These frictions take the form not only of asymmetric information between borrowers and lenders, as in some studies, but also borrowing to finance working capital needs and monopolistic competition in banking. The steady-state solution of the model is fully characterized. The model is then parameterized and used to study the macroeconomic effects of a variety of real and financial shocks, as well as changes in monetary policy.

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A Core Closed-Economy DSGE Model with Financial Frictions

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  • 发表日期：

    2025年

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  • Pierre-Richard Agénor

摘要

Chapter 4 describes a core DSGE model with financial frictions. These frictions take the form not only of asymmetric information between borrowers and lenders, as in some studies, but also borrowing to finance working capital needs and monopolistic competition in banking. The steady-state solution of the model is fully characterized. The model is then parameterized and used to study the macroeconomic effects of a variety of real and financial shocks, as well as changes in monetary policy.