| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13795 |
| DP13795 Kinks and Gains from Credit Cycles | |
| Henrik Jensen; Søren Hove Ravn; Emiliano Santoro | |
| 发表日期 | 2019-06-13 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Credit-market imperfections are at the centre stage of several theories of business fluctuations. Since a lot of research seeks to address the welfare consequences of stabilization policies, we revisit the fundamental question of quantifying the cost of business cycles in a model where household borrowing is subject to a collateral constraint. Business cycles occasionally change the credit-market conditions, making households temporarily unconstrained and better off. This effect can dominate the conventional losses from uncertainty, thus making fluctuations welfare-dominate certainty. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Cost of business cycles Collateral constraints Precautionary saving |
| URL | https://cepr.org/publications/dp13795 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542665 |
| 推荐引用方式 GB/T 7714 | Henrik Jensen,Søren Hove Ravn,Emiliano Santoro. DP13795 Kinks and Gains from Credit Cycles. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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