Collateral fluctuations in a monetary economy
نویسندگان
چکیده
This paper presents a monetary model in which consumption and capital investment can undergo upswings and downturns in the presence of collateral constraints. When the collateralized asset has a liquidation value below its full value, we show that a stable cyclical equilibrium can emerge in consumption and capital investment around the unstable steady state.
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ورودعنوان ژورنال:
- J. Economic Theory
دوره 146 شماره
صفحات -
تاریخ انتشار 2011