Kredi seküritizasyonlu iş döngüsü modeli

We document the importance and wide-spread popularity of loan securitization in the modern banking era. Instead of holding the loans on the balance sheets until maturity, banks pool the loans they made, create securities backed by these loans and sell to investors. We recognize the importance of securitization and we develop a real business cycle model, where banks endogenously "originate and distribute" the mortgage loans they administer. We calibrate the model against the US data. We solve the model by perturbation techniques. Our results show that the model is able to generate some important stylized facts of the business cycles and the cyclical properties of the bank balance sheet items.