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

  • SAU, Lino
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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: https://mpra.ub.uni-muenchen.de/3641/1/MPRA_paper_3641.pdf
File Function: original version
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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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  1. Edward J Green & Robert H Porter, 1997. "Noncooperative Collusion Under Imperfect Price Information," Levine's Working Paper Archive 1147, David K. Levine.
  2. Plosser, Charles I, 1989. "Understanding Real Business Cycles," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 51-77, Summer.
  3. Mark Gertler, 1988. "Financial structure and aggregate economic activity: an overview," Proceedings, Federal Reserve Bank of Cleveland, pages 559-596.
  4. King, Mervyn, 1994. "Debt deflation: Theory and evidence," European Economic Review, Elsevier, vol. 38(3-4), pages 419-445, April.
  5. 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.
  6. James Tobin, 1991. "Price Flexibility and Output Stability: An Old Keynesian View," Cowles Foundation Discussion Papers 994R, Cowles Foundation for Research in Economics, Yale University, revised Sep 1991.
  7. 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.
  8. Otto Eckstein & Allen Sinai, 1986. "The Mechanisms of the Business Cycle in the Postwar Era," NBER Chapters, in: The American Business Cycle: Continuity and Change, pages 39-122 National Bureau of Economic Research, Inc.
  9. Farmer, Roger E A, 1984. "A New Theory of Aggregate Supply," American Economic Review, American Economic Association, vol. 74(5), pages 920-30, December.
  10. Giannetti, M., 2000. "Banking System, International Investors and Central Bank Policy in Everging Markets," Papers 369, Banca Italia - Servizio di Studi.
  11. Bruce C. Greenwald & Joseph E. Stiglitz, 1993. "Financial Market Imperfections and Business Cycles," The Quarterly Journal of Economics, Oxford University Press, vol. 108(1), pages 77-114.
  12. Sau Lino, 1999. "Struttura finanziaria, asimmetria informativa e la teoria dell'investimento di H.P. Minsky," Economia politica, Società editrice il Mulino, issue 2, pages 211-242.
  13. Pomerleano, Michael, 1998. "The East Asia crisis and corporate finances : the untold micro story," Policy Research Working Paper Series 1990, The World Bank.
  14. Tobin, James, 1975. "Keynesian Models of Recession and Depression," American Economic Review, American Economic Association, vol. 65(2), pages 195-202, May.
  15. Mishkin, Frederic S., 1978. "The Household Balance Sheet and the Great Depression," The Journal of Economic History, Cambridge University Press, vol. 38(04), pages 918-937, December.
  16. Giancarlo Corsetti & Paolo Pesenti & Nouriel Roubini, 1998. "What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview," NBER Working Papers 6833, National Bureau of Economic Research, Inc.
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