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Learning in a Credit Economy

Tiziana Assenzay and Michele Berardi ()
Authors registered in the RePEc Author Service: Tiziana Assenza

Centre for Growth and Business Cycle Research Discussion Paper Series from Economics, The University of Manchester

Abstract: In this work we analyze a credit economy à la Kiyotaki and Moore (JPE, 1997) enriched with learning dynamics. Both borrowers and lenders need to make expectations about the future price of the collateral, and under heterogeneous learning this can have interesting consequences for the economy when the possibility of bankruptcy is taken into consideration.

Pages: 18 pages
Date: 2008
New Economics Papers: this item is included in nep-cba and nep-dge
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Journal Article: Learning in a credit economy (2009) Downloads
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