Macroeconomics with Financial Frictions: A Survey

By Markus K. Brunnermeier, Thomas Eisenbach, Yuliy Sannikov. 2012

458 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/50fdb607ae066a023381d9f39b77110a0593259b

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Citations in the corpus

Macro-Prudential Policies to Mitigate Financial System Vulnerabilities (2013, background): “In this context, MaPP are promising in principle, as academic research has also highlighted (for an early analytical review of the need for MaPP, see Brunnermeier, et. al.”
When Credit Bites Back (2013, background): “…factors play an important role in the modern business cycle, as exemplified in the work of Fisher (1933) and Minsky (1986)—or more recently, Battacharya, Goodhart, Tsomocos, and Vardoulakis (2011), Adrian and Shin (2012), Eggertsson and Krugman (2012), or Brunnermeier et al. (2012), for example.”
Agent based-stock flow consistent macroeconomics: Towards a benchmark model (2016, background): “However, efforts to take the lesson of the crisis on board have mainly gone in the direction of including in the models a financial sector and “financial frictions” Brunnermeier et al. (2012) in the wake of the seminal contributions of Bernanke and Gertler (1989) and Kiyotaki and Moore (1997).”
Where the Risks Lie: A Survey on Systemic Risk (2017, unknown): “In Caballero and Simsek (2013), banks know whether their counterparties have been hit by a negative shock, but know nothing about their counterparties’ counterparties and other banks further away in the counterparty chain.”
Economic Forecasting with an Agent-Based Model (2020, methodology): “In particular, models following the New Keynesian paradigm, that include financial and real frictions to replicate phenomena observed in empirical data, have become a new standard in macroeconomics (Christiano et al., 2010; Brunnermeier et al., 2013).”
Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007 to 2009 (2013, background): “Brunnermeier, Eisenbach, and Sannikov (2011) and Quadrini (2011) offer more comprehensive surveys of the literature on general equilibrium macroeconomic models with fi nancial frictions.”
The I Theory of Money (2016, unknown): “For a more detailed review of the literature we refer to Brunnermeier et al. (2010). This paper is organized as follows.”
Capital Regulation in a Macroeconomic Model with Three Layers of Default (2014, unknown): “…that debt is non-contingent, which, realistically, makes our banks exposed to rises in loan default rates caused by aggregate shocks.9 We model the evolution of bank net worth along the same lines as in a number of re7See Brunnermeier, Eisenbach, and Sannikov (2012) for a survey of the literature.”
The Business Cycle, Investor Sentiment, and Costly External Finance (2012, unknown): “A recent literature survey by Brunnermeier, Eisenbach, and Sannikov (2012) shows that macroeconomists are trying to better understand how such financial frictions affect the real economy.”
Macroeconomic Policy in DSGE and Agent-Based Models (2012, unknown): “We think that such difficulties are so hard to solve within the neoclassical paradigm that a different research avenue, which attempts to replace the basic pillars of neoclassical economics (rationality, equilibrium, etc.), would be more fruitful.”
An Overview of Macroprudential Policy Tools (2014, unknown): “Several recent papers, however, have identified the externalities that can give rise to procyclicality and systemic risk, with Brunnermeier et al. (2009) one of the first to do so.”