Collateral secured loans in a monetary economy

• 成果类型: Article
• 署名作者: Ferraris, Leo; Watanabe, Makoto
• 署名单位: Universidad Carlos III de Madrid
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2008.02.002
• 发表日期: 2008
• 页码: 405-424
• 关键词: Collateral; money; search

摘要

This paper presents a microfounded model of money where durable assets serve as a guarantee to repay consumption loans. We study a steady state equilibrium where money and credit coexist. In such an equilibrium, a larger investment in durable capital relaxes the borrowing constraint faced by consumers. We show that the occurrence of over-investment and the behavior of capital accumulation depend on the rate of inflation, the relative fisk aversion of agents and the marginal productivity of the capital goods. (C) 2008 Elsevier Inc. All fights reserved.