Credit Cycles Redux
AbstractTheoretical studies have shown that under unorthodox assumptions on preference and production technologies, collateral constraints can act as a powerful amplification and propagation mechanism of exogenous shocks. We investigate whether or not this result holds under more standard assumptions. We find that collateral constraints generate a typically small output amplification. Large amplification is a "knife-edge" type of result.
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Bibliographic InfoPaper provided by Rice University, Department of Economics in its series Working Papers with number 2002-07.
Date of creation: Sep 2002
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- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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