Self-Fulfilling Credit Cycles

Zitieren

Dateien zu dieser Ressource

Prüfsumme: MD5:928f442686b28ad25e404d765e1f3e23

AZARIADIS, Costas, Leo KAAS, Yi WEN, 2015. Self-Fulfilling Credit Cycles

@techreport{Azariadis2015SelfF-32718, series={Working Paper Series / Department of Economics}, title={Self-Fulfilling Credit Cycles}, year={2015}, number={2015-07}, author={Azariadis, Costas and Kaas, Leo and Wen, Yi} }

<rdf:RDF xmlns:dcterms="http://purl.org/dc/terms/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:bibo="http://purl.org/ontology/bibo/" xmlns:dspace="http://digital-repositories.org/ontologies/dspace/0.1.0#" xmlns:foaf="http://xmlns.com/foaf/0.1/" xmlns:void="http://rdfs.org/ns/void#" xmlns:xsd="http://www.w3.org/2001/XMLSchema#" > <rdf:Description rdf:about="https://kops.uni-konstanz.de/rdf/resource/123456789/32718"> <bibo:uri rdf:resource="https://kops.uni-konstanz.de/handle/123456789/32718"/> <dc:contributor>Azariadis, Costas</dc:contributor> <dcterms:rights rdf:resource="http://nbn-resolving.de/urn:nbn:de:bsz:352-20150914100631302-4485392-8"/> <dc:creator>Wen, Yi</dc:creator> <dc:creator>Kaas, Leo</dc:creator> <dcterms:title>Self-Fulfilling Credit Cycles</dcterms:title> <dcterms:abstract xml:lang="eng">In U.S. data 1981–2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable dynamic general equilibrium model in which unsecured firm credit arises from self-enforcing borrowing constraints, preventing an efficient capital allocation among heterogeneous firms. Unsecured credit rests on the value that borrowers attach to a good credit reputation which is a forward-looking variable. We argue that self-fulfilling beliefs over future credit conditions naturally generate endogenously persistent business cycle dynamics. A dynamic complementarity between current and future borrowing limits permits uncorrelated sunspot shocks to unsecured debt to trigger persistent aggregate fluctuations in both secured and unsecured debt, factor productivity and output. We show that these sunspot shocks are quantitatively important, accounting for around half of output volatility.</dcterms:abstract> <dspace:isPartOfCollection rdf:resource="https://kops.uni-konstanz.de/rdf/resource/123456789/46"/> <dc:date rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2016-01-26T13:18:01Z</dc:date> <void:sparqlEndpoint rdf:resource="http://localhost/fuseki/dspace/sparql"/> <dcterms:hasPart rdf:resource="https://kops.uni-konstanz.de/bitstream/123456789/32718/3/Azariadis_0-318949.pdf"/> <dcterms:available rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2016-01-26T13:18:01Z</dcterms:available> <foaf:homepage rdf:resource="http://localhost:8080/jspui"/> <dc:contributor>Kaas, Leo</dc:contributor> <dcterms:issued>2015</dcterms:issued> <dcterms:isPartOf rdf:resource="https://kops.uni-konstanz.de/rdf/resource/123456789/46"/> <dspace:hasBitstream rdf:resource="https://kops.uni-konstanz.de/bitstream/123456789/32718/3/Azariadis_0-318949.pdf"/> <dc:contributor>Wen, Yi</dc:contributor> <dc:language>eng</dc:language> <dc:creator>Azariadis, Costas</dc:creator> </rdf:Description> </rdf:RDF>

Dateiabrufe seit 26.01.2016 (Informationen über die Zugriffsstatistik)

Azariadis_0-318949.pdf 120

Das Dokument erscheint in:

KOPS Suche


Stöbern

Mein Benutzerkonto