La prochaine séance des "déjeuners de l'économie" aura lieu le mardi 13 mars

Type d'activité: 
Autres activités
Date: 
13 Mars 2018
Heure: 
9h00 am
Salle: 
DES-2237

La prochaine séance des "déjeuners de l'économie", aura lieu le mardi 13 mars, à 9am, au local DES-2237.

Nous vous proposos la lecture de : Financial cycles with heterogeneous intermediaries, par Nuno Coimbra et Hélène Rey.


Ci-dessous le résumé du papier :

This paper develops a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. It features time-varying endogenous macroeconomic risk that arises from the risk-shifting behaviour of financial intermediaries combined with entry and exit. We show that when interest rates are high, a decrease in interest rates stimulates investment and increases financial stability. In contrast, when interest rates are low, further stimulus can increase systemic risk and induce a fall in the risk premium through increased risk-shifting. In this case, the monetary authority faces a trade-off between stimulating the economy and financial stability.