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Author: Nobuhiro Kiyotaki
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Theoretical Economics Paper
Credit Cycles - (Now published in 'Journal of Political Economy', vol.105(2), April 1997, pp.211-248.)
Nobuhiro Kiyotaki and John Moore
This paper is a theoretical study into how credit constraints intereact with aggregate economic activity over the business cycle. We construct a model of a dynamic economy in which lenders cannot force borrowers to repay...Read more...