摘要：This paper is part of the large literature that takes as its starting point the recent financial crisis. A key aspect of the crisis was that it did not start in the non-financial corporate sector, and that instead banks’ liquidity and solvency appears to have been the core issue. For this reason, and similarly to many other papers written since the onset of the crisis, the authors have extended a model originally built for firms’ financial problems so as to also address the financing of banks. The model thereby gives a role to banks’ balance sheets and lets them affect the interest rate at which banks fund themselves. Contrary to most of the literature (e.g., Gertler and Karadi 2010), the present paper retains the firms’ financing frictions. The special aspect of the model is this twofold financial friction—for both firms and banks, linked together in a “credit chain” consisting of two principal-agent problems.
