CONSTRAINTS ON CREDIT, CONSUMER BEHAVIOUR AND THE DYNAMICS OF WEALTH

Orlando Gomes

Economic Annals, 2009, vol. 54, issue 182, 119-132

Abstract: This paper develops a simple macroeconomic model where the pattern of wealth accumulation is determined by a credit multiplier and the way households react to short-term fluctuations. Given this setup, long term wealth dynamics are eventually characterized by the presence of endogenous cycles.

Keywords: credit constraints; financial development; consumer confidence; endogenous business cycles; nonlinear dynamics (search for similar items in EconPapers)
JEL-codes: C61 E32 O41 (search for similar items in EconPapers)
Date: 2009
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Working Paper: Constraints on credit, consumer behaviour and the dynamics of wealth (2007)
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