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Financial Crises in Dsge Models: Selected Applications of Mapmod

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by Jaromir Benes & Michael Kumhof
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Financial Crises in Dsge Models: Selected Applications of Mapmod by Jaromir Benes & Michael Kumhof

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.

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Ebook Details
Pages: 55
Size: 1.6 MB
Publisher: INTERNATIONAL MONETARY FUND
Date published:   2014
ISBN: 9781475515206 (DRM-EPUB)

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Nonfiction > Business & Economics > Industries
Nonfiction > Business & Economics > Banks & Banking

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Nonfiction > Business & Economics > Economics > Macroeconomics
Nonfiction > Business & Economics
Nonfiction > Business & Economics > International
Nonfiction > Business & Economics > Industries
Nonfiction > Business & Economics > Banks & Banking
Nonfiction > Business & Economics > International > Economics

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01/19/2017
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