Paper #156

Título:

Boundedly rational credit cycles

Autor:

María Sáez

Fecha:

Febrero 1996

Resumen:

We propose an evolutionary model of a credit market. We show that the economy exhibits credit cycles. The model predicts dynamics which are consistent with some evidence about the Great Depression. Real shocks trigger episodes of credit--crunch which are observed in the process of adjustment towards the post shock equilibrium.

Área de investigación:

Finanzas y Contabilidad

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