分享论文
Credit Cycles (Kiyotaki and Moore 1997)
分享人
赵军柱（创新发展学院中国经济与管理研究院）
时间
2022年11月27日（周日），下午14:00-16:30
地点
腾讯会议 395-5682-4845
主持人
王忏（金融学院），赵军柱（创新发展学院中国经济与管理研究）
活动对象
创新发展学院本科生、研究生
论文摘要
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.
