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1、MacroeconomicswithFinancialFrictions:ASurveyMarkusK.Brunnermeier,ThomasM.EisenbachandYuliySannikovJanuary2012AbstractThisarticlesurveysthemacroeconomicimplicationsof nancialfrictions.Fi-nancialfrictionsleadtopersistenceandwhencombinedwithilliquiditytonon-linearamp
2、li catione ects.Riskisendogenousandliquidityspiralscause nancialinstability.Increasingmarginsfurtherrestrictleverageandexacerbatedownturns.Ademandforliquidassetsandaroleformoneyemerges.Themarketoutcomeisgenericallynotevenconstrainedecientandtheissuanceofgovernment
3、debtcanleadtoaParetoimprovement.While nancialinstitutionscanmitigatefrictions,theyintroduceadditionalfragilityandthroughtheirerraticmoneycreationharmpricestability.Brunnermeier:PrincetonUniversity,markus@princeton.edu;Eisenbach:FederalReserveBankofNewYork,thomas.e
4、isenbach@ny.frb.org;Sannikov:PrincetonUniversity,sannikov@gmail.com.ForhelpfulcommentsanddiscussionwewouldliketothankWeiCui,DongBeomChoiandtheparticipantsofthe2010macro- nancereadinggroupatPrincetonUniversity.Theviewsexpressedinthepaperarethoseoftheauthorsandarenot
5、necessarilyre
ectiveofviewsattheFederalReserveBankofNewYorkortheFederalReserveSystem.1Contents1Introduction32Persistence,Ampli cationandInstability102.1Persistence..................................102.2DynamicAmpli cation...........................142.3Instability,
6、Asymmetry,Non-linearE ectsandVolatilityDynamics..223Volatility,CreditRationingandEquilibriumMargins293.1CreditRationing..............................293.2DeleveringduetoMargin/HaircutSpiral.................313.3EquilibriumMarginsandEndogenousIncompleteness.........
7、.334DemandforLiquidAssets404.1SmoothingDeterministicFluctuations..................414.2PrecautionarySavingsandUninsurableIdiosyncraticRisk.......464.2.1PrecautionarySavings.......................464.2.2ConstrainedIneciency......................514.2.3AddingAggrega
8、teRisk.......................544.2.4Ampli cationRevisitedandAddingMultipleAssets.......565FinancialIntermediation665.1LiquidityInsuranceandTransf
