全球智库信息集成服务系统(G2TT): Endogenous Credit Cycles

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w17510
来源ID	Working Paper 17510
	Endogenous Credit Cycles
	Chao Gu; Randall Wright
发表日期	2011-10-13
出版年	2011
语种	英语
摘要	We study models of credit with limited commitment, which implies endogenous borrowing constraints. We show that there are multiple stationary equilibria, as well as nonstationary equilibria, including some that display deterministic cyclic and chaotic dynamics. There are also stochastic (sunspot) equilibria, in which credit conditions change randomly over time, even though fundamentals are deterministic and stationary. We show this can occur when the terms of trade are determined by Walrasian pricing or by Nash bargaining. The results illustrate how it is possible to generate equilibria with credit cycles (crunches, freezes, crises) in theory, and as recently observed in actual economies.
主题	Macroeconomics ; Business Cycles ; Money and Interest Rates
URL	https://www.nber.org/papers/w17510
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/575185
推荐引用方式 GB/T 7714	Chao Gu,Randall Wright. Endogenous Credit Cycles. 2011.