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Self‐fulfilling Credit Cycles Self-fulfilling Credit Cycles
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In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises from self-enforcing borrowing co...
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(see next page for abstract) ∗Acknowledgements: this research forms part of the European Commission TMR network project on "Financial Market Efficiency and Economic Efficiency," grant contract no. FMRXCT96-0054. I thank Julian Franks and a referee for detailed comments on the previous draft, and Margaret Bray and Thierry Foucault for discussions on an earlier version of this paper.
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ژورنال
عنوان ژورنال: Journal of Clinical & Experimental Orthopaedics
سال: 2016
ISSN: 2471-8416
DOI: 10.4172/2471-8416.100015