Borrowing constraints and complex dynamics in an OLG framework
Abstract
In this paper we model an OLG economy à la Kiyotaki and Moore whose novel feature is the role of money as a store of value and of bequest as a source of funds to be "invested" in landholding. The dynamics generated by the model are generally characterized by irregular cyclical trajectories and, under special configuration of the parameters, a strange attractor appears. In this setting, an expansionary monetary policy may have a stabilizing role due to the interaction between money holding and the accumulation of borrowers' net worth.Download Info
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Bibliographic Info
Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.
Volume (Year): 72 (2009)
Issue (Month): 2 (November)
Pages: 656-669
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Handle: RePEc:eee:jeborg:v:72:y:2009:i:2:p:656-669
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For corrections or technical questions regarding this item, or to correct its listing, contact: (Jeroen Loos).
Related research
Keywords: Borrowing constraints Credit cycles Complex dynamics Monetary policy;References
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Kunieda, Takuma & Shibata, Akihisa, 2011. "Endogenous Growth and Fluctuations in an Overlapping Generations Economy with Credit Market Imperfections," MPRA Paper 35698, University Library of Munich, Germany.
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