Credit constraints in general equilibrium: Experimental results

• 成果类型: Article
• 署名作者: BoschDomenech, A; Silvestre, J
• 署名单位: University of California System; University of California Davis
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/1468-0297.00232
• 发表日期: 1997
• 页码: 1445-1464
• 关键词: market

摘要

Our work attempts to investigate the influence of credit tightness or expansion on activity and relative prices in a multimarket set-up. We report on some double-auction, two-market experiments where subjects had to satisfy an inequality involving the use of credit. The experiments display two regimes, characterised by high and low credit availability. Our main results are that changes in the availability of credit: (a) have minor and unsystematic effects on quantities and relative prices in the high-credit regime; (b) have substantial effects, both on quantities and relative prices, in the low-credit regime.