Amplification and Asymmetric Effects without Collateral Constraints

doi:10.1257/mac.20150219

CORC > 上海财经大学 > 上海财经大学

	Amplification and Asymmetric Effects without Collateral Constraints
	Cao, Dan 1; Nie, Guangyu 2
刊名	AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
	2017-07
卷号	9 期号:3 页码:222-266
ISSN号	1945-7707
DOI	10.1257/mac.20150219
英文摘要	The seminal contribution by Kiyotaki and Moore (1997) has spurred a vast literature on the importance of collateral constraints in propagating and amplifying shocks to the economy. However, most papers in the literature using collateral constraints assume non-state-contingent debt, i.e., markets are incomplete. To assess the relative importance of collateral constraints versus market incompleteness, we study a calibrated incomplete markets model and solve it with and without collateral constraints. We find that market incompleteness by itself plays a quantitatively significant role in the amplified and asymmetric responses of the economy, including land price and output, to exogenous shocks.
WOS研究方向	Business & Economics
语种	英语
出版者	AMER ECONOMIC ASSOC
WOS记录号	WOS:000408152400007
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/942]
专题	上海财经大学
通讯作者	Cao, Dan
作者单位	1.Georgetown Univ, Dept Econ, 3700 & O St NW, Washington, DC 20057 USA; 2.Shanghai Univ Finance & Econ, Sch Int Business Adm, 777 Guoding Rd, Shanghai 200433, Peoples R China
推荐引用方式 GB/T 7714	Cao, Dan,Nie, Guangyu. Amplification and Asymmetric Effects without Collateral Constraints[J]. AMERICAN ECONOMIC JOURNAL-MACROECONOMICS,2017,9(3):222-266.
APA	Cao, Dan,&Nie, Guangyu.(2017).Amplification and Asymmetric Effects without Collateral Constraints.AMERICAN ECONOMIC JOURNAL-MACROECONOMICS,9(3),222-266.
MLA	Cao, Dan,et al."Amplification and Asymmetric Effects without Collateral Constraints".AMERICAN ECONOMIC JOURNAL-MACROECONOMICS 9.3(2017):222-266.