| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26613 |
| 来源ID | Working Paper 26613 |
| Deterministic Debt Cycles in Open Economies with Flow Collateral Constraints | |
| Stephanie Schmitt-Grohé; Martín Uribe | |
| 发表日期 | 2020-01-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper establishes the existence of deterministic cycles in infinite-horizon open economy models with a flow collateral constraint. It shows that for plausible parameter configurations, the economy has a unique equilibrium exhibiting deterministic cycles in which periods of debt growth are followed by periods of debt deleveraging. In particular, three-period cycles exist, which implies by the Li-Yorke Theorem the presence of cycles of any periodicity and chaos. The paper also shows that deterministic cycles are absent in the Ramsey optimal allocation providing a justification for macroprudential policies even in the absence of uncertainty. |
| 主题 | Macroeconomics ; Business Cycles ; International Economics ; International Finance ; International Macroeconomics ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w26613 |
| 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/584286 |
| 推荐引用方式 GB/T 7714 | Stephanie Schmitt-Grohé,Martín Uribe. Deterministic Debt Cycles in Open Economies with Flow Collateral Constraints. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26613.pdf（421KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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