ABSTRACT

This paper introduces household financial decision-making process into the classic financial intermediation model, which allows us to study the impact of households’ portfolio choice on the behavior of financial intermediation and the real economy. Our numerical results show that the incorporation of household financial decision helps stabilize the aggregate economy through the following channel. A negative shock of capital quality reduces the total assets of financial intermediaries and tightens their lending to enterprises. This leads to a decline in social investment and output. Then, the household responds to this by changing their asset composition, which alleviates the impact of the negative shock and thus stabilize the economy.

摘要

本文将家庭金融决策过程引入到经典的金融中介模型中，使我们能够研究家庭的投资组合选择对金融中介行为和实体经济的影响。我们的数值结果表明，家庭财务决策的纳入通过以下渠道有助于稳定总体经济。资本质量的负面冲击会减少金融中介机构的总资产并收紧它们对企业的贷款。这导致社会投资和产出下降。然后，家庭通过改变其资产构成来应对这种情况，从而减轻负面冲击的影响，从而稳定经济。