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.
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- Michael Bordo & Andrew Filardo, 2005.
"Deflation and monetary policy in a historical perspective: remembering the past or being condemned to repeat it?,"
CEPR;CES;MSH, vol. 20(44), pages 799-844, October.
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- James McAndrews & William Roberds, 1994.
"Banks, payments, and coordination,"
94-14, Federal Reserve Bank of Atlanta.
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