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Stato del Credito, Effetto Cash-flow ed Instabilità
[State of Credit, Cash-flow Effect and Instability]

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Author Info
SAU, Lino

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Abstract

The 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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File URL: http://mpra.ub.uni-muenchen.de/3641/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3641.

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Date of creation: Sep 2001
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Handle: RePEc:pra:mprapa:3641

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Related research
Keywords: financial constraints imperfect competition instability

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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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  1. King, Mervyn, 1994. "Debt deflation: Theory and evidence," European Economic Review, Elsevier, vol. 38(3-4), pages 419-445, April. [Downloadable!] (restricted)
  2. Plosser, Charles I, 1989. "Understanding Real Business Cycles," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 51-77, Summer. [Downloadable!] (restricted)
    Other versions:
  3. James Tobin, 1975. "Keynesian Models of Recession and Depression," Cowles Foundation Discussion Papers 387, Cowles Foundation, Yale University. [Downloadable!]
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  4. Bernanke, Ben & Gertler, Mark, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March. [Downloadable!] (restricted)
  5. Farmer, Roger E A, 1984. "A New Theory of Aggregate Supply," American Economic Review, American Economic Association, vol. 74(5), pages 920-30, December. [Downloadable!] (restricted)
  6. Pomerleano, Michael, 1998. "The East Asia crisis and corporate finances : the untold micro story," Policy Research Working Paper Series 1990, The World Bank. [Downloadable!]
  7. Mariassunta Giannetti, 2000. "Banking System, International Investors and Central Bank Policy in Emerging Markets," Temi di discussione (Economic working papers) 369, Bank of Italy, Economic Research Department. [Downloadable!]
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  8. Green, Edward J & Porter, Robert H, 1984. "Noncooperative Collusion under Imperfect Price Information," Econometrica, Econometric Society, vol. 52(1), pages 87-100, January. [Downloadable!] (restricted)
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  9. Bruce C. Greenwald & Joseph E. Stiglitz, 1993. "Financial Market Imperfections and Business Cycles," NBER Working Papers 2494, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Ben S. Bernanke, 1983. "Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression," NBER Working Papers 1054, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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