Stato del Credito, Effetto Cash-flow ed Instabilità
[State of Credit, Cash-flow Effect and Instability]
AbstractThe paper show how changes in the state of credit may cause instability in the output and in the employment levels. The model revised Delli Gatti and Gallegati's version of the contribution by Greenwald and Stiglitz (1993) in a contest characterized by imperfect competition in the goods market and asymmetric information, both ex-ante and ex-post, in the credit market. The financial constraints in credit market an the pro-cyclical mark-up in goods market can account for overlending boom phenomena and debt-deflation effects.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 3641.
Date of creation: Sep 2001
Date of revision:
financial constraints; imperfect competition; instability;
Find related papers by JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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