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Boundedly Rational Credit Cycles

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Author Info
María Sáez

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Abstract

We propose an evolutionary model of a credit market. We show that the economy exhibits credit cycles. The model predicts dynamics which are consistent with some evidence about the Great Depression. Real shocks trigger episodes of credit--crunch which are observed in the process of adjustment towards the post shock equilibrium.

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File URL: http://www.econ.upf.edu/docs/papers/downloads/156.pdf
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Publisher Info
Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 156.

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Date of creation: Feb 1996
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Handle: RePEc:upf:upfgen:156

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