| Record ID | marc_loc_updates/v40.i02.records.utf8:44136668:1789 |
| Source | Library of Congress |
| Download Link | /show-records/marc_loc_updates/v40.i02.records.utf8:44136668:1789?format=raw |
LEADER: 01789nam a22002897a 4500
001 2011657394
003 DLC
005 20120103193821.0
007 cr |||||||||||
008 120103s2011 mau sb 000 0 eng
010 $a 2011657394
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aGu, Chao.
245 10 $aEndogenous credit cycles$h[electronic resource] /$cChao Gu, Randall Wright.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2011.
490 1 $aNBER working paper series ;$vworking paper 17510
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 1/3/2012.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"We study models of credit with limited commitment, which implies endogenous borrowing constraints. We show that there are multiple stationary equilibria, as well as nonstationary equilibria, including some that display deterministic cyclic and chaotic dynamics. There are also stochastic (sunspot) equilibria, in which credit conditions change randomly over time, even though fundamentals are deterministic and stationary. We show this can occur when the terms of trade are determined by Walrasian pricing or by Nash bargaining. The results illustrate how it is possible to generate equilibria with credit cycles (crunches, freezes, crises) in theory, and as recently observed in actual economies"--National Bureau of Economic Research web site.
700 1 $aWright, Randall.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 17510.
856 40 $uhttp://www.nber.org/papers/w17510