Presidential Address: Macrofinance and Resilience

• 成果类型: Article
• 署名作者: Brunnermeier, Markus K.
• 署名单位: Princeton University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13403
• 发表日期: 2024
• 关键词: monetary-policy; Bank runs; liquidity; MODEL; debt; redistribution; uncertainty; demand; MARKET; risks

摘要

This address reviews macrofinance from the perspective of resilience. It argues for a shift in mindset, away from risk management toward resilience management. It proposes a new resilience measure, and contrasts micro- and macro-resilience. It also classifies macrofinance models in first- (log-linearized) and second-generation models, and links the important themes of macrofinance to resilience.