Credit cycles redux

• 成果类型: Article
• 署名作者: Cordoba, JC; Ripoll, M
• 署名单位: Rice University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.0020-6598.2004.00296.x
• 发表日期: 2004
• 页码: 1011-1046
• 关键词: Collateral constraints; AGENCY COSTS; net worth; INVESTMENT; liquidity

摘要

Theoretical studies have shown that under unorthodox assumptions on preferences and production technologies, collateral constraints can act as a powerful amplification and propagation mechanism of exogenous shocks. We investigate whether or not this result holds under more standard assumptions. We find that collateral constraints typically generate small output amplification. Large amplification is obtained as a knife-edge type of result.