Credit, Money and the Government Budget Constraint

Brian Hillier and Muradali Ibrahimo ()

Bulletin of Economic Research, 1993, vol. 45, issue 3, 245-56

Abstract: A credit market is introduced into an IS-LM model with wealth effects and the government budget constraint explicitly considered. The model is able to handle issues such as a credit market shock that would be impossible to examine in standard models without a credit market. The analysis of more standard policies or shocks is enhanced by recognition of the role of the credit market, thus supporting the view that such recognition is both feasible and warranted. Copyright 1993 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Date: 1993
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