Costly financial intermediation in neoclassical growth theory

• 成果类型: Article
• 署名作者: Mehra, Rajnish; Piguillem, Facundo; Prescott, Edward C.
• 署名单位: Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research; Arizona State University; Arizona State University-Tempe
• 刊物名称: QUANTITATIVE ECONOMICS
• ISSN/ISSBN: 1759-7323
• DOI: 10.3982/QE40
• 发表日期: 2011
• 页码: 1-36
• 关键词: Aggregate intermediation; borrowing; lending; equity premium; government debt; life cycle savings; retirement

摘要

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 to intermediate the large amount of borrowing and lending between households. In 2007, in the United States, the amount intermediated was 1.7 times gross national product (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.