Land price, collateral and economic growth

Masaya Sakuragawa, Yukie Sakuragawa

研究成果: Article

2 被引用数 (Scopus)

抄録

This paper extends Kiyotaki and Moore's (1997) to an endogenous growth model and investigates the dynamic properties of a growing economy with binding credit constraint when land is used not only as an input of production but also as collateral. There exists a balanced growth path in an economy with binding credit constraint. In response to a once and for all productivity shock, the developed model shows the propagation mechanism among output, capital, bank credit and the land price in terms of the growth rate. The model's tractability allows us to derive interesting qualitative and quantitative findings on business cycles.

本文言語English
ページ(範囲)473-489
ページ数17
ジャーナルJapanese Economic Review
60
4
DOI
出版ステータスPublished - 2009 12 8

ASJC Scopus subject areas

  • Economics and Econometrics

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