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Keyword: credit rationing;
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Maitreesh Ghatak, Massimo Morelli and Tomas Sjostrom
We study an economy where agents are heterogeneous in terms of observable wealth and unobservable talent. Adverse selection forces creditors to ask for collateral. We study the two-way interaction between rationing in th...Read more...
October 2002
Thomas Piketty
We consider an infinite-horizon inter-generational economy with identical agents differing only in their inherited wealth and with a constant-returns-to-scale technology using capital and labour (called 'effort') and dis...Read more...
November 1992