Financial Fragility and the Great Depression

R. Cooper and P. Dean Corbae ()

Working Papers from University of Iowa, Department of Economics

Abstract: We analyze a financial collapse, such as the one which occurred during the Great Depression, from the perspective of a monetary model with multiple equilibria. The economy we consider contains financial fragility due to increasing returns to scale in the intermediation process. Intermediaries provide the link between savers and firms who require working capital for production.

Keywords: MACROECONOMICS (search for similar items in EconPapers)
JEL-codes: E65 (search for similar items in EconPapers)
Date: 1997
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Persistent link: http://EconPapers.repec.org/RePEc:uia:iowaec:97-08

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