Financial Innovations and Macroeconomic Volatility

Urban J. Jermann · Vincenzo Quadrini

98 citations0/0 files storedNational Bureau of Economic Research

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

The volatility of US business cycles has declined during the last two decades.During the same period the financial structure of firms has become more volatile.In this paper we develop a model in which financial factors play a key role in generating economic fluctuations.Innovations in financial markets allow for greater financial flexibility and generate a lower volatility of output together with a higher volatility in the financial structure of firms.

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References

1997Credit Cycles 2000Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*1998The Financial Accelerator in a Quantitative Business Cycle Framework 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES n.d.Output Fluctuations in the United States: What Has Changed since the Early 1980's?2002Has the Business Cycle Changed and Why?2005Do Firms Rebalance Their Capital Structures?2007Bayesian Analysis of DSGE Models

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