Debt-deflation: concepts and a stylised model
This paper proposes a model of how agents adjust their asset holdings in response to losses in general equilibrium. By emphasising the relation between deflation and financial distress, we capture some original features of the early debt-deflation literature, such as distress selling, instability, and endogenous monetary contraction.
|Date of creation:||Apr 2005|
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- Michael D. Bordo & Andrew Filardo, 2004. "Deflation and Monetary Policy in a Historical Perspective: Remembering the Past or Being Condemned to Repeat It?," NBER Working Papers 10833, National Bureau of Economic Research, Inc.
- McAndrews James J. & Roberds William, 1995.
"Banks, Payments, and Coordination,"
Journal of Financial Intermediation,
Elsevier, vol. 4(4), pages 305-327, October.
- James J. McAndrews & William Roberds, 1994. "Banks, payments, and coordination," Working Papers 94-20, Federal Reserve Bank of Philadelphia.
- James J. McAndrews & William Roberds, 1994. "Banks, payments, and coordination," FRB Atlanta Working Paper 94-14, Federal Reserve Bank of Atlanta.
- Jean-Michel Grandmont & Guy Laroque, 1975. "On Money and Banking," Review of Economic Studies, Oxford University Press, vol. 42(2), pages 207-236.
- GRANDMONT, Jean-Michel & LAROQUE, Guy, "undated". "On money and banking," CORE Discussion Papers RP 215, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute. Full references (including those not matched with items on IDEAS)
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