Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5072325 | Games and Economic Behavior | 2010 | 29 Pages |
Abstract
When there is default on credit cards, there is even more inflation, and less efficiency gains. The monetary authority might then have to accept less than pre-credit card efficiency in order to restore pre-credit card price levels, or else it will have to accept inflation if it is unwilling to cut efficiency below pre-credit card levels. This could be a source of stagflation.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
John Geanakoplos, Pradeep Dubey,