Please use this identifier to cite or link to this item:
https://hdl.handle.net/2440/79346
Citations | ||
Scopus | Web of Science® | Altmetric |
---|---|---|
?
|
?
|
Type: | Journal article |
Title: | Sunspots and credit frictions |
Author: | Harrison, S. Weder, M. |
Citation: | Macroeconomic Dynamics, 2013; 17(5):1055-1069 |
Publisher: | Cambridge Univ Press |
Issue Date: | 2013 |
ISSN: | 1365-1005 1469-8056 |
Statement of Responsibility: | Sharon G. Harrison and Mark Weder |
Abstract: | We examine a general equilibrium model with collateral constraints and increasing returns to scale in production. The utility function is nonseparable, with no income effect on the consumer’s choice of leisure. Unlike this model without a collateral constraint, we find that indeterminacy of equilibria is possible. Hence, business cycles can be driven by self-fulfilling expectations. This is the case for more realistic parameterizations than in previous, similar models without these features. |
Keywords: | Business cycles credit markets collateral constraint sunspots |
Rights: | © 2012 Cambridge University Press |
DOI: | 10.1017/S1365100511000836 |
Published version: | http://dx.doi.org/10.1017/s1365100511000836 |
Appears in Collections: | Aurora harvest Economics publications |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
RA_hdl_79346.pdf Restricted Access | Restricted Access | 184.45 kB | Adobe PDF | View/Open |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.