Credit Constraints in General Equilibrium: Experimental Results
Credit Constraints in General Equilibrium: Experimental Results
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一般均衡中的信用约束：实验结果
DOI：
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发表时间：
1997
期刊：
影响因子：
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通讯作者：
Joaquim Silvestre
中科院分区：
文献类型：
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作者：
Antoni Bosch�?Domènech;Joaquim Silvestre
我们的工作试图调查的影响，信贷紧缩或扩张的活动和价格在一个多市场设置。我们报告了一些双重的，两个市场的实验中，受试者必须满足的不平等，涉及使用信贷。实验显示两个政权。其特点是信贷可得性高和低。在这两种制度的共同边界上，信贷的临界值有一个令人信服的解释，即在与我们的实验环境自然相关的抽象经济的阿罗-德布鲁均衡中，信贷的最大使用。我们的主要研究结果是，在信贷的可用性的变化：（a）：有轻微的和非系统的影响，真实的和名义变量在高信用制度;（B）：有实质性的影响，无论是真实的和名义的，在低信用制度。
Our work attempts to investigate the influence of credit tightness or expansion on activity and prices in a multimarket set-up. We report on some doubleauction, two-market experiments where subjects had to satisfy an inequality involving the use of credit. The experiments display two regimes. characterized by high and low credit availability. The critical vakre of credit at the common boundary of the two regimes has a compelling interpretation as the maximal credit use at the Arrow-Debreu equilibrium of the abstract economy naturally associated to our experimental environment. Our main results are that changes in the availability of credit: (a): have minor and unsystematic effects on real and nominal variables in the high-credit regime; (b): have substantial effects, both real and nominal, in the low-credit regime.