منابع مشابه
Reviewing the Leverage Cycle
We review the theory of leverage developed in collateral equilibrium models with incomplete markets. We explain how leverage tends to boost asset prices, and create bubbles. We show how leverage can be endogenously determined in equilibrium, and how it depends on volatility. We describe the dynamic feedback properties of leverage, volatility, and asset prices, in what we call the Leverage Cycle...
متن کاملEndogenous Collateral Constraints and the Leverage Cycle
We review the theory of leverage developed in collateral equilibrium models with incomplete markets. We explain how leverage tends to boost asset prices and create bubbles. We show how leverage can be endogenously determined in equilibrium and how it depends on volatility. We describe the dynamic feedback properties of leverage, volatility, and asset prices, in what we call the leverage cycle, ...
متن کاملthe leverage cycle , deFault , and ForecloSure
Akerlof, G.A. 1970. “The Market for “Lemons”: Quality Uncertainty and the Market Mechanism.” Quarterly Journal of Economics 84(3): 488–500. Chatterjee, K. and W.F. Samuelson. 1983. “Bargaining under Incomplete Information.” Operations Research 31: 835–51. Chiu, J. and T.V. Koeppl. 2011. “Trading Dynamics with Adverse Selection and Search: Market Freeze, Intervention and Recovery.” Working Paper...
متن کاملLeverage Restrictions in a Business Cycle Model
We modify an otherwise standard medium-sized DSGE model, in order to study the macroeconomic e§ects of placing leverage restrictions on financial intermediaries. The financial intermediaries (‘bankers’) in the model must exert e§ort in order to earn high returns for their creditors. An agency problem arises because banker e§ort is not observable to creditors. The consequence of this agency prob...
متن کاملReviewing Constant-Input Limit Cycle-Free Second-Order Digital Filters
The suppression of constant-input limit cycles when designing second-order-state-space digital filters is addressed in this paper. A set of three sections yet proposed in the literature is revisited, focusing on the specific block called type III structure. It is shown that there is an optimum version of that section, what is the main contribution of the paper. The noise performance of the opti...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2013
ISSN: 1556-5068
DOI: 10.2139/ssrn.2330422