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UID:5a23a5dff97423573f50d7278281d158
CATEGORIES:Seminars
CREATED:20221018T154440
SUMMARY:Tommaso Monacelli - Università Bocconi
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nBewley Banks\n\n\nAbstract:\n\n\nWe document new facts on the cross-sec
 tional and business cycle properties of bank size and market power, highlig
 hting the unconditional counter-cyclicality of asset markups and pro-cyclic
 ality of deposit markups. We then develop a dynamic general equilibrium mod
 el with heterogeneous financial intermediaries, incomplete markets, two-sid
 ed market power, and aggregate uncertainty. The model generates a bank net 
 worth distribution fluctuation problem analogous to the canonical Bewley-Hu
 ggett-Aiyagari-Imrohoglu environment. We show that non-separable preference
 s and aggregate TFP shocks produce empirically-consistent cyclicality of ma
 rkups and key financial aggregates. Time-varying bank market power and a pr
 ecautionary lending motive both dampen aggregate responses to exogenous sho
 cks. Counter-cyclical idiosyncratic bank return risk, however, is a signifi
 cant source of business cycle amplification, especially in the case of bank
 ing crises.\n
DTSTAMP:20260405T170204Z
DTSTART:20230327T143000Z
DTEND:20230327T160000Z
SEQUENCE:0
TRANSP:OPAQUE
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