中文摘要
我们定量分析了20世纪80年代美国银行业放松管制对总体经济的影响。利用近期的计量经济学技术,我们首先重新检验了关于银行业放松管制实际效应的既有经验证据。随后,我们构建了一个将不完全竞争银行纳入企业动态与职业选择一般均衡框架的定量模型。与经验证据相一致,放松管制显著提高了产出增长与企业进入。银行间竞争的加剧以及企业家的职业选择,在塑造经济对放松管制的反应中发挥了重要作用。
Abstract
ABSTRACT We quantitatively analyze the impact of US banking deregulation in the 1980s on the aggregate economy. Using recent econometric techniques, we first reexamine existing empirical evidence on the real effects of banking deregulation. We then construct a quantitative model that integrates imperfectly competitive banks into a general equilibrium framework of firm dynamics and occupational choice. Consistent with the empirical evidence, deregulation significantly increases output growth and firm entry. Increased competition among banks and the entrepreneurs' occupational choices play an important role in shaping the economy's response to deregulation.