INTEREST-RATES IN A CREDIT CONSTRAINED ECONOMY

• 成果类型: Article
• 署名作者: HARTLEY, PR
• 署名单位: Australian National University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.2307/2527089
• 发表日期: 1994
• 页码: 23-60
• 关键词: in-advance economy; financial intermediation; liquidity constraints; monetary-policy; business cycles; asset prices; INFORMATION; equilibrium; money; consumption

摘要

When households face credit constraints in an economy with inside as well as outside money stationary equilibrium real interest rates are below the household rate of time preference. They also depend significantly upon household risk aversion, the demand for inside versus outside money, bank costs, bank reserves, inflation, and the marginal productivity of capital and capital depreciation rates. In addition, changes in financial variables affect per capita capital and output to a greater extent when households are credit constrained.