Boundedly rational credit cycles

Maria Saez-Marti

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: We propose an evolutionary model of a credit market. We show that the economy exhibits credit cycles. The model predicts dynamics which are consistent with some evidence about the Great Depression. Real shocks trigger episodes of credit--crunch which are observed in the process of adjustment towards the post shock equilibrium.

Date: 1996-02
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Persistent link: https://EconPapers.repec.org/RePEc:upf:upfgen:156

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