Financial crises in DSGE models : selected applications of MAPMOD /

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Bibliographic Details
Author / Creator:	Beneš, Jaromír, 1973- author.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2014.
Description:	1 online resource (55 pages).
Language:	English
Series:	IMF working paper ; WP/14/56 IMF working paper ; WP/14/56.
Subject:	Credit -- Econometric models. Bank loans -- Econometric models. Business cycles -- Econometric models. Financial crises -- Econometric models. Bank loans -- Econometric models. Business cycles -- Econometric models. Credit -- Econometric models. Financial crises -- Econometric models. Electronic books.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12503625

Hidden Bibliographic Details
Other authors / contributors:	Kumhof, Michael, author. Laxton, Douglas, author. International Monetary Fund. Research Department, issuing body.
Notes:	At head of title: Research Department. "April 2014." Includes bibliographical references. Online resource; title from pdf title page (IMF.org Web site, viewed.
Summary:	"This paper, together with a technical companion paper, presents 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 both the pre-crisis and crisis phases of financial cycles"--Abstract.

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