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Cited by 1,969

The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.

A Macroeconomic Model with a Financial Sector

Brunnermeier, Markus K., Sannikov, Yuliy·2014·American Economic Review
DOI 10.1257/aer.104.2.379
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Abstract

This article studies the full equilibrium dynamics of an economy with financial frictions. Due to highly nonlinear amplification effects, the economy is prone to instability and occasionally enters volatile crisis episodes. Endogenous risk, driven by asset illiquidity, persists in crisis even for very low levels of exogenous risk. This phenomenon, which we call the volatility paradox, resolves the Kocherlakota ( 2000) critique. Endogenous leverage determines the distance to crisis. Securitization and derivatives contracts that improve risk sharing may lead to higher leverage and more frequent crises. (JEL E13, E32, E44, E52, G01, G12, G20)

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Metadata

Authors
Brunnermeier, M. K., & Sannikov, Y.
Venue
American Economic Review
Publisher
American Economic Association
Published
2014-02-01
Volume
104
Issue
2
Pages
379-421
ISSN
0002-8282 (ISSN-L)
DOI
10.1257/aer.104.2.379
OpenAlex
W2123931028
Cited by
1,969
References
3
FWCI
426.21
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: A Macroeconomic Model with a Financial Sector. https://app.cochat.ai/papers/10.1257/aer.104.2.379
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Brunnermeier, M. K., & Sannikov, Y. (2014). A Macroeconomic Model with a Financial Sector. American Economic Review. https://doi.org/10.1257/aer.104.2.379

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.