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A Core Closed-Economy DSGE Model with Financial Frictions

In: Monetary Policy and Macroprudential Regulation with Financial Frictions

Author

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  • Pierre-Richard Agénor

    (University of Manchester, School of Social Sciences)

Abstract

Chapter 4 describes a core DSGE model with financial frictions. These frictions take the form not only of asymmetric information between borrowers and lenders, as in some studies, but also borrowing to finance working capital needs and monopolistic competition in banking. The steady-state solution of the model is fully characterized. The model is then parameterized and used to study the macroeconomic effects of a variety of real and financial shocks, as well as changes in monetary policy.

Suggested Citation

  • Pierre-Richard Agénor, 2025. "A Core Closed-Economy DSGE Model with Financial Frictions," Springer Books, in: Monetary Policy and Macroprudential Regulation with Financial Frictions, edition 0, chapter 4, pages 195-276, Springer.
    • Handle: RePEc:spr:sprchp:978-3-032-01673-7_4
    DOI: 10.1007/978-3-032-01673-7_4
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