Rather, I will try to show how we are borrowing from our very own capacity for having unified information in order to put together the data that creates the construct of a “point of view”; importantly, this unity is not bootstrapped from other “points of view”, but draws from the ...
The interest rate includes a premium to compensate lenders for expected losses in default. A borrowing constraint is generated by lende... A Abel - National Bureau of Economic Research, Inc 被引量: 0发表: 2015年 加载更多来源期刊 The banker ...
摘要: Occasionally binding credit constraints (OBC) have recently been explored as a promising way of modeling financial frictions. However, given their highly non-linear nature, most of the literature has concentrated on small models that can be solved using global...
Next, we show that fiat money has a positive equilibrium price if and only if for some agent the zero short sale constraint is binding and has a positive shadow price (now or in the future). As there is always an agent that is long, it follows that marginal rates of intertemporal ...
The tightness of this constraint depends on the aggregate state that particularly includes separate shocks to the re- saleability of equity. One of the solutions is computed under the simplifying assumption that the constraint binds permanently, while the other one allows for an occasionally binding ...