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The Financial Accelerator in a Quantitative Business Cycle Framework

Ben Bernanke, Mark Gertler () and Simon Gilchrist ()

Working Papers from C.V. Starr Center for Applied Economics, New York University

Abstract: This paper develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the framework exhibits a "financial accelerator", in that endogenous developments in credit markets work to amplify and propagate shocks to the macroeconomy.

Keywords: BUSINESS CYCLES; MONETARY POLICY (search for similar items in EconPapers)
JEL-codes: E30 E44 E50 (search for similar items in EconPapers)
Date: 1998
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Chapter: The financial accelerator in a quantitative business cycle framework (1999) Downloads
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