TAILIEUCHUNG - A Macroeconomic Model with a Financial Sector 

The core questionnaire includes 8 questions designed to test knowledge (Table 5). These vary in style and content in order to avoid undue biases that could be caused by different ways of processing information across certain types of people or cultural norms. Whilst some knowledge questions allow a person to give a completely free response others provide a list of possible answers, from which the respondent must choose their response. The questionnaire also encourages respondents to say if they don't know the answer to something, in order to dissuade them from guessing (as we want to capture actual levels of. | A Macroeconomic Model with a Financial Sector Markus K. Brunnermeier and Yuliy Sannikovy February 22 2011 Abstract This paper studies the full equilibrium dynamics of an economy with financial frictions. Due to highly non-linear amplification effects the economy is prone to instability and occasionally enters volatile episodes. Risk is endogenous and asset price correlations are high in down turns. In an environment of low exogenous risk experts assume higher leverage making the system more prone to systemic volatility spikes - a volatility paradox. Securitization and derivatives contracts leads to better sharing of exogenous risk but to higher endogenous systemic risk. Financial experts may impose a negative externality on each other by not maintaining adequate capital cushion. We thank Nobu Kiyotaki Hyun Shin Thomas Philippon Ricardo Reis Guido Lorenzoni Huberto Ennis V. V. Chari Simon Potter Emmanuel Farhi Monika Piazzesi Simon Gilchrist Ben Moll and seminar participants at Princeton HKU Theory Conference FESAMES 2009 Tokyo University City University of Hong Kong University of Toulouse University of Maryland UPF UAB CUFE Duke NYU 5-star Conference Stanford Berkeley San Francisco Fed USC UCLA MIT University of Wisconsin IMF Cambridge University Cowles Foundation Minneapolis Fed New York Fed University of Chicago the Bank of Portugal Conference Econometric Society World Congress in Shanghai Seoul National University European Central Bank and UT Austin. We also thank Wei Cui Ji Huang Dirk Paulsen Andrei Rachkov and Martin Schmalz for excellent research assistance. yBrunnermeier Department of Economics Princeton University markus@ Sannikov Department of Economics Princeton University sannikov@ 1 1 Introduction Many standard macroeconomic models are based on identical households that invest directly without financial intermediaries. This representative agent approach can only yield realistic macroeconomic predictions if in reality there are no .

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