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Credit Constraints in General Equilibrium: Experimental Results

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  • Bosch-Domenech, Antoni
  • Silvestre, Joaquim

Abstract

The authors' work attempts to investigate the influence of credit tightness or expansion on activity and relative prices in a multimarket set-up. They report on some double-action, two-market experiments where subjects had to satisfy an inequality involving the use of credit. The experiments display two regimes, characterized by high and low credit availability. The authors' main results are that changes in the availability of credit: (1) have minor and unsystematic effects on quantities and relative prices in the high-credit regime; and (2) have substantial effects, both on quantities and relative prices, in the low-credit regime. Copyright 1997 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 107 (1997)
Issue (Month): 444 (September)
Pages: 1445-64

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Handle: RePEc:ecj:econjl:v:107:y:1997:i:444:p:1445-64

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  1. Walter Garcia Fontes & Hugo Hopenhayn, 1992. "Entry restrictions and the determination of quality," Economics Working Papers 10, Department of Economics and Business, Universitat Pompeu Fabra.
  2. Calsamiglia, Xavier & Kirman, Alan, 1993. "A Unique Informationally Efficient and Decentralized Mechanism with Fair Outcomes," Econometrica, Econometric Society, vol. 61(5), pages 1147-72, September.
  3. Juan P. Nicolini, 1993. "More on the time inconsistency of optimal monetary policy," Economics Working Papers 56, Department of Economics and Business, Universitat Pompeu Fabra.
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Cited by:
  1. Roberto Ricciuti, 2005. "Bringing Macroeconomics into the Lab," Labsi Experimental Economics Laboratory University of Siena 004, University of Siena.
  2. Steven Gjerstad & Jason M. Shachat, 2007. "Individual Rationality and Market Efficiency," Purdue University Economics Working Papers 1204, Purdue University, Department of Economics.
  3. Arno Riedl & Frans van Winden, 0000. "An Experimental Investigation of Wage Taxation and Unemployment in Closed and Open Economies," Tinbergen Institute Discussion Papers 00-112/1, Tinbergen Institute.
  4. repec:fee:wpaper:1201 is not listed on IDEAS
  5. Shachat, Jason & Zhang, Zhenxuan, 2012. "The Hayek hypothesis and long run competitive equilibrium: an experimental investigation," MPRA Paper 39579, University Library of Munich, Germany.
  6. John Hey & Daniela Cagno, 1998. "Sequential Markets: An Experimental Investigation of Clower's Dual-Decision Hypothesis," Experimental Economics, Springer, vol. 1(1), pages 63-85, June.

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