Macro-finance Review
Yingzi Zhu;Shangqing Yang;
Abstract:
In the review article, we focuses on the intersection of macroeconomics and financial frictions, offering a systematic overview of how such frictions are incorporated into dynamic stochastic general equilibrium(DSGE) models. We examine how agency problems and information asymmetries give rise to credit constraints, liquidity limits, financial intermediation, and asset-price channels that jointly shape macro-financial fluctuations and systemic risk. The article highlights amplification mechanisms—such as the financial accelerator, the liquidity spirals and financial intermediary constraints—and clarify their micro-foundations based on contract theory. Based on the macro-finance foundation, we then review the development of consumption-based, investment-based(q-theory), production-based, and intermediary-based Asset Pricing models, emphasizing the links between macro-structural models and the development of asset pricing models. The paper outlines the modeling frameworks and evolutionary paths of macro-financial theories and microeconomic mechanisms, with an emphasis on theoretical and intuitive construction but not model calibration and empirical details, hence offering direct insights for modeling issues relevant to China.
Key Words:
Foundation:
Authors: Yingzi Zhu;Shangqing Yang;
References:
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- (1)已有文献常将DSGE模型与线性化求解方法联系在一起,早期研究多依赖对状态变量的局部线性近似。随着研究推进,越来越多的模型采用非线性求解;尽管结构上仍符合动态随机一般均衡设定,部分文献为与传统线性化区分,并不将其明确归入“DSGE”范畴。本文的分类标准不取决于具体求解技术,而是依据模型聚焦的经济问题。因此,无论采用线性或非线性方法,只要模型具备动态、随机、一般均衡特征,本文均统称为DSGE模型。 (2)鉴于篇幅限制,本文仅梳理部分具有代表性的理论和实证文献,难以穷尽所有相关研究。