کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
966506 931043 2013 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Financial constraints, endogenous markups, and self-fulfilling equilibria
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Financial constraints, endogenous markups, and self-fulfilling equilibria
چکیده انگلیسی
Self-fulfilling equilibria and indeterminacy can easily arise in a simple financial accelerator model with reasonable parameter calibrations and without increasing returns in production. A key feature for generating indeterminacy in our model is the countercyclical markup due to the procyclical loan-to-output ratio. We illustrate, via simulations, that our financial accelerator model can generate rich business cycle dynamics, including hump-shaped output in response to demand shocks as well as autocorrelation in output growth rates.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 60, Issue 7, October 2013, Pages 789-805
نویسندگان
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