Endogenous Credit Cycles
Endogenous Credit Cycles
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内生信贷周期
DOI：
10.1086/673472
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发表时间：
2011
影响因子：
8.2
通讯作者：
Randall Wright
中科院分区：
文献类型：
--
作者：
Chaocheng Gu;Fabrizio Mattesini;Cyril Monnet;Randall Wright
本文研究了有限承诺的信用模型，从而研究了内生债务限额。有多个平稳均衡和非平稳均衡，其中信贷条件仅仅因为信念而改变。可能存在债务限额显示确定性循环或混沌动态的平衡，也可能存在随机（太阳黑子）平衡，其中它们随机波动，即使基本面是确定性和时不变的。讨论了实例和应用。我们还考虑了确定贸易条件的不同机制，并将其与文献中的其他信用模型进行了比较。
This paper studies models of credit with limited commitment and, therefore, endogenous debt limits. There are multiple stationary equilibria plus nonstationary equilibria in which credit conditions change simply because of beliefs. There can be equilibria in which debt limits display deterministic cyclic or chaotic dynamics, as well as stochastic (sunspot) equilibria in which they fluctuate randomly, even though fundamentals are deterministic and time invariant. Examples and applications are discussed. We also consider different mechanisms for determining the terms of trade and compare the setup to other credit models in the literature.