Please use this identifier to cite or link to this item: http://hdl.handle.net/2440/79346
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dc.contributor.authorHarrison, S.en
dc.contributor.authorWeder, M.en
dc.date.issued2013en
dc.identifier.citationMacroeconomic Dynamics, 2013; 17(5):1055-1069en
dc.identifier.issn1365-1005en
dc.identifier.issn1469-8056en
dc.identifier.urihttp://hdl.handle.net/2440/79346-
dc.description.abstractWe examine a general equilibrium model with collateral constraints and increasing returns to scale in production. The utility function is nonseparable, with no income effect on the consumer’s choice of leisure. Unlike this model without a collateral constraint, we find that indeterminacy of equilibria is possible. Hence, business cycles can be driven by self-fulfilling expectations. This is the case for more realistic parameterizations than in previous, similar models without these features.en
dc.description.statementofresponsibilitySharon G. Harrison and Mark Wederen
dc.language.isoenen
dc.publisherCambridge Univ Pressen
dc.rights© 2012 Cambridge University Pressen
dc.subjectBusiness cycles; credit markets; collateral constraint; sunspotsen
dc.titleSunspots and credit frictionsen
dc.typeJournal articleen
dc.identifier.rmid0020130243en
dc.identifier.doi10.1017/S1365100511000836en
dc.identifier.pubid19013-
pubs.library.collectionEconomics publicationsen
pubs.verification-statusVerifieden
pubs.publication-statusPublisheden
Appears in Collections:Economics publications

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