The Financial Accelerator in a Quantitative Business Cycle Framework
This paper develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the framework exhibits a "financial accelerator", in that endogenous developments in credit markets work to amplify and propagate shocks to the macroeconomy.
|Date of creation:||1998|
|Date of revision:|
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|Order Information:|| Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012|
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- Piketty, Thomas & Banerjee, Abhijit & Aghion, Philippe, 1997.
"Dualism and macroeconomic volatility,"
CEPREMAP Working Papers (Couverture Orange)
- George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
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