Costly financial intermediation in neoclassical growth theory

Verfasserangabe:  Rajnish Mehra, Facundo Piguillem and Edward C. Prescott
Jahr: 
Beschreibung:  The neoclassical growth model is extended to include costly intermediated borrowing and lending between households. This is an important extension as substantial resources are used in intermediating the large amount of borrowing and lending between households. In 2007, in the United States, the amount intermediated was 1.7 times GNP, and the resources used in this intermediation amounted to at least 3.4 percent of GNP. The theory implies that financial intermediation services are an intermediate good and that the spread between borrowing and lending rates measures the efficiency of the financial sector.
Person:  ; ;
Ort/Verlag:  Minneapolis, Minn. : Federal Reserve Bank of Minneapolis, Research Dep.
Umfang:  Online-Ressource (PDF-Datei: 59 S., 3,47 MB); graph. Darst.
Schriftenreihe:  Working paper / Federal Reserve Bank of Minneapolis, Research Dept ; 685Working paper / Federal Reserve Bank of Minneapolis, Research Dept ; 685
Sprache:  Englisch
Thema:  Neoklassik; Neoclassical economics; Wachstumstheorie; Growth theory; Private Verschuldung; Private debt; Finanzintermediär; Financial intermediation; Makler; Brokers
Dokumentart (Subkategorien):  Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature
Publikationsform:  Buch / Working Paper
Anmerkungen:  Systemvoraussetzungen: Acrobat Reader
Nachweis aus Datenbank:  ECONIS - Online-Katalog der ZBW
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