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Financial firms in DSGE models
(2018) Angelopoulos, Nikolaos-Alexandros; Athens University of Economics and Business, Department of International and European Economic Studies; Economides, George; Konstantinou, Panagiotis
In this thesis, we first provided a compact review of the theory and of some modeling techniques of the banking frictions. The aim was to provide a sense of how DSGE’s in the last decade have been trying to capture banking imperfections and incorporate them in the general equilibrium. In the models we examined we saw that the modeling techniques revolved around the same core; there is a considerable continuity in the literature regarding the mechanisms the scholars have been using to model the frictions. In the last part of the thesis, we simulated variations of a notable financial frictions models with the aim of drawing conclusions about the interconnections between the nominal and the financial frictions. The results were clear. The economy, whether it is flexible or nominally rigid,reacts qualitatively and quantitatively in the same way when a crisis, propagated through the financial sector, hits