Collateralized capital and news-driven cycles

Keiichiro Kobayashi, Kengo Nutahara

研究成果: Article査読

4 被引用数 (Scopus)

抄録

Kobayashi, Nakajima, and Inaba (2007) show that in the neoclassical business cycle models with collateral constraints, a boom can be generated in response to an optimistic change in expectations on the future state of the economy. They call this business cycle a news-driven cycle. In their models, land is used as collateral, and borrowing for working capital is limited by the value of collateralized land. We simplify their model to the one without land. We show that in the economy where capital goods are used as collateral, the news-driven cycles can be generated.

本文言語English
ページ(範囲)1-9
ページ数9
ジャーナルEconomics Bulletin
5
18
出版ステータスPublished - 2007 12 1

ASJC Scopus subject areas

  • 経済学、計量経済学および金融学(全般)

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