英文文献:Sunspots and Credit Frictions-太阳黑子和信贷摩擦
英文文献作者:Sharon G. Harrison,Mark Weder
英文文献摘要:
We examine a general equilibrium model with collateral constraints and increasing returns to scale in production. The utility function is nonseparable, with no income effect on the consumer's choice of leisure. Unlike this model without a collateral constraint, we find that indeterminacy of equilibria is possible. Hence, business cycles can be driven by self-fulfilling expectations. This is the case for more realistic parametrizations than in previous, similar models without these features.
我们研究了一个具有附带约束和生产规模递增收益的一般均衡模型。效用函数是不可分离的,收入对消费者的休闲选择没有影响。与没有附带约束的模型不同,我们发现平衡点的不确定性是可能的。因此,商业周期可以由自我实现的预期驱动。这种情况下的参数化比以前的模型更现实,类似的模型没有这些特征。


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