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| Author: | Cordoba, J-C. Ripoll, M. |
| Title: | Credit cycles redux |
| Journal: | International Economic Review
2004 : NOV, VOL. 45:4, p. 1011-1046 |
| Index terms: | Business cycles Credit Economic shocks |
| Language: | eng |
| Abstract: | It has been theoretically shown that under unorthodox assumptions on preferences and production technologies, collateral constraints can act as a powerful amplification and propagation mechanism of exogenous shocks. It is investigated whether or not this result holds under more standard assumptions. It is found that collateral constraints typically generate small output amplification. Large amplification is obtained as a "knife-edge" type of result. |
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