经济学报2025，Vol.12Issue(3)：1-36,36.
宏观金融综述
Macro-finance Review
朱英姿 1杨尚卿2
作者信息
- 1. 清华大学经管学院金融系
- 2. 清华大学经管学院
- 折叠
摘要
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.关键词
金融摩擦/金融加速器/流动性螺旋/资产定价分类
社会科学引用本文复制引用
朱英姿,杨尚卿..宏观金融综述[J].经济学报,2025,12(3):1-36,36.
