Duncan, A. and Nolan, C. (2018) Financial frictions in macroeconomic models. In: Hamilton, J. H. (ed.) Oxford Research Encyclopedias: Economics and Finance [online]. Oxford University Press. ISBN 9780190625979 (doi: 10.1093/acrefore/9780190625979.013.168)
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Abstract
In recent decades, macroeconomic researchers have looked to incorporate financial intermediaries explicitly into business-cycle models. These modeling developments have helped us to understand the role of the financial sector in the transmission of policy and external shocks into macroeconomic dynamics. They also have helped us to understand better the consequences of financial instability for the macroeconomy. Large gaps remain in our knowledge of the interactions between the financial sector and macroeconomic outcomes. Specifically, the effects of financial stability and macroprudential policies are not well understood.
| Item Type: | Book Sections |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Nolan, Professor Charles |
| Authors: | Duncan, A., and Nolan, C. |
| College/School: | College of Social Sciences > Adam Smith Business School |
| Journal Name: | Oxford Research Encyclopedia of Economics and Finance |
| Publisher: | Oxford University Press |
| ISBN: | 9780190625979 |
| Published Online: | 01 April 2018 |
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