作者：Cordoba, Juan Carlos; Ripoll, Marla
作者单位：Rice University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper reviews the role of collateral constraints in transforming small monetary shocks into large persistent output fluctuations. We do this by introducing money in the heterogeneous-agent real economy of Kiyotaki and Moore (1997). Money enters in a cash-in-advance constraint and money supply is managed via open-market operations. We find that a monetary shock generates persistent movements in aggregate output, the amplitude of which depends upon whether or not debt contracts are indexed....
