Macro Shocks and Firm Dynamics with Oligopolistic Financial Intermediaries

• 成果类型: Article; Early Access
• 署名作者: Villa, Alessandro T.
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Chicago
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdag081
• 发表日期: 2026
• 关键词: market; debt; COMPETITION; dependence; IMPACT; MODEL

摘要

Motivated by a secular increase in the concentration of the U.S. banking industry, I develop a new macroeconomic model with oligopolistic financial intermediaries and heterogeneous firms. Market power allows banks to price discriminate and charge firm-specific markups, exerting greater market power over productive and more financially constrained firms. This dampens capital accumulation and amplifies the effects of macroeconomic shocks. During a crisis, banks exploit the higher share of financially constrained firms to extract higher markups, inducing a larger decline in real activity. When a large bank fails, the remaining banks use their increased market power to restrict credit supply, worsening and prolonging the downturn.