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Credit Constraints in General Equilibrium: Experimental Results

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Author Info
Bosch-Domenech, Antoni
Silvestre, Joaquim

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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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Publisher 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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  2. Alfonso Gambardella & Walter Garcia Fontes, 1994. "Regional Linkages through European Research Funding," Economics Working Papers 97, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  3. Walter Garcia-Fontes & Hugo Hopenhayn, 2000. "Entry restrictions and the determination of quality," Spanish Economic Review, Springer, vol. 2(2), pages 105-127. [Downloadable!] (restricted)
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  4. Giorgia Giovannetti, 1993. "Import Pricing, Domestic Pricing and Market Structure," Economics Working Papers 71, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 1994. [Downloadable!]
  5. Rahi, Rohit, 1996. "Adverse Selection and Security Design," Review of Economic Studies, Blackwell Publishing, vol. 63(2), pages 287-300, April. [Downloadable!] (restricted)
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  8. Massimo Motta & George Norman, 1993. "Does Economic Integration Cause Foreign Direct Investment?," Economics Working Papers 28, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  10. Ramon Marimon, 1993. "Adaptive Learning, Evolutionary Dynamics and Equilibrium Selection in Games," Economics Working Papers 23, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  11. Xavier Cuadras, 1994. "Perishable Medium of Exchange (Can Ice Cream be Money?)," Economics Working Papers 80, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  13. Thierry Foucault, 1994. "Price Formation and Order Placement Strategies in a Dynamic Order Driven Market," Economics Working Papers 99, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  15. Ramon Marimon & Fabrizio Zilibotti, 1994. "Actual' versus 'Virtual' Employment in Europe: Why is there Less Employment in Spain?," Economics Working Papers 100, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  16. Raffaela Giordano, 1992. "A Model of Inflation and Reputation with Wage Bargaining," Economics Working Papers 72, Department of Economics and Business, Universitat Pompeu Fabra, revised Mar 1994. [Downloadable!]
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  19. 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. [Downloadable!]
  20. Acemoglu, Daron & Zilibotti, Fabrizio, 1997. "Was Prometheus Unbound by Chance? Risk, Diversification, and Growth," Journal of Political Economy, University of Chicago Press, vol. 105(4), pages 709-51, August.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. 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. [Downloadable!] (restricted)
  2. Steven Gjerstad & Jason M. Shachat, 2007. "Individual Rationality and Market Efficiency," Purdue University Economics Working Papers 1204, Purdue University, Department of Economics. [Downloadable!]
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