分享論文
Credit Cycles (Kiyotaki and Moore 1997)
分享人
趙軍柱（韦德体育bevictor中國經濟與管理研究院）
時間
2022年11月27日（周日），下午14:00-16:30
地點
騰訊會議 395-5682-4845
主持人
王忏（金融學院），趙軍柱（韦德体育bevictor中國經濟與管理研究）
活動對象
韦德体育bevictor本科生、研究生
論文摘要
We construct a model of a dynamic economy in which lenders cannot force borrowers to repay their debts unless the debts are secured. In such an economy, durable assets play a dual role: not only are they factors of production, but they also serve as collateral for loans. The dynamic interaction between credit limits and asset prices turns out to be a powerful transmission mechanism by which the effects of shocks persist, amplify, and spill over to other sectors. We show that small, temporary shocks to technology or income distribution can generate large, persistent fluctuations in output and asset prices.
