Collateral and growth cycles with heterogeneous agents

We investigate the effects of collateral and monetary policy on economic growth within a Ramsey equilibrium model where agents have different discount factors. Introducing liquidity constraints in segmented markets where (poor) impatient agents without collateral have limited access to credit, we st...
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Gespeichert in:

Autor*in:	Bosi, Stefano [verfasserIn] Ismael, Mohanad Venditti, Alain

Format:	Artikel
Sprache:	Englisch

Erschienen:	2016

Rechteinformationen:	Nutzungsrecht: © Elsevier Inc.

Schlagwörter:	Collateral Studies Economic growth Business cycles Equilibrium Monetary policy

Übergeordnetes Werk:	Enthalten in: Journal of macroeconomics - Amsterdam [u.a.] : Elsevier, 1979, 48(2016), Seite 327-350
Übergeordnetes Werk:	volume:48 ; year:2016 ; pages:327-350

Links:	Volltext Link aufrufen Link aufrufen

DOI / URN:	10.1016/j.jmacro.2016.04.007

Katalog-ID:	OLC1977790518

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allfields	10.1016/j.jmacro.2016.04.007 doi PQ20160719 (DE-627)OLC1977790518 (DE-599)GBVOLC1977790518 (PRQ)c1850-1f81ecd06015392b6427b1fbc7bbb7cdf914b007884f8f4b3eec53f27d812a3e0 (KEY)0090219520160000048000000327collateralandgrowthcycleswithheterogeneousagents DE-627 ger DE-627 rakwb eng 330 DNB Bosi, Stefano verfasserin aut Collateral and growth cycles with heterogeneous agents 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We investigate the effects of collateral and monetary policy on economic growth within a Ramsey equilibrium model where agents have different discount factors. Introducing liquidity constraints in segmented markets where (poor) impatient agents without collateral have limited access to credit, we study their implications in terms of welfare and business cycles (based on deterministic cycles through bifurcations and self-fulfilling prophecies). We find that an accommodative monetary policy may be growth-enhancing and welfare-improving (through the inequality reduction) while making unpleasant fluctuations more likely. Conversely, a regulation reinforcing the role of collateral and tempering the financial market imperfections may stimulate the economic growth while pursuing the goal of stabilization.[web URL:http://www.sciencedirect.com/science/article/pii/S0164070416300027] Nutzungsrecht: © Elsevier Inc. Collateral Studies Economic growth Business cycles Equilibrium Monetary policy Ismael, Mohanad oth Venditti, Alain oth Enthalten in Journal of macroeconomics Amsterdam [u.a.] : Elsevier, 1979 48(2016), Seite 327-350 (DE-627)130622788 (DE-600)796245-9 (DE-576)016129423 0164-0704 nnns volume:48 year:2016 pages:327-350 http://dx.doi.org/10.1016/j.jmacro.2016.04.007 Volltext http://www.sciencedirect.com/science/article/pii/S0164070416300155 http://search.proquest.com/docview/1793921783 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW SSG-OLC-IBL GBV_ILN_21 GBV_ILN_26 GBV_ILN_39 GBV_ILN_70 GBV_ILN_130 GBV_ILN_285 GBV_ILN_2005 GBV_ILN_4028 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4318 GBV_ILN_4326 AR 48 2016 327-350
spelling	10.1016/j.jmacro.2016.04.007 doi PQ20160719 (DE-627)OLC1977790518 (DE-599)GBVOLC1977790518 (PRQ)c1850-1f81ecd06015392b6427b1fbc7bbb7cdf914b007884f8f4b3eec53f27d812a3e0 (KEY)0090219520160000048000000327collateralandgrowthcycleswithheterogeneousagents DE-627 ger DE-627 rakwb eng 330 DNB Bosi, Stefano verfasserin aut Collateral and growth cycles with heterogeneous agents 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We investigate the effects of collateral and monetary policy on economic growth within a Ramsey equilibrium model where agents have different discount factors. Introducing liquidity constraints in segmented markets where (poor) impatient agents without collateral have limited access to credit, we study their implications in terms of welfare and business cycles (based on deterministic cycles through bifurcations and self-fulfilling prophecies). We find that an accommodative monetary policy may be growth-enhancing and welfare-improving (through the inequality reduction) while making unpleasant fluctuations more likely. Conversely, a regulation reinforcing the role of collateral and tempering the financial market imperfections may stimulate the economic growth while pursuing the goal of stabilization.[web URL:http://www.sciencedirect.com/science/article/pii/S0164070416300027] Nutzungsrecht: © Elsevier Inc. Collateral Studies Economic growth Business cycles Equilibrium Monetary policy Ismael, Mohanad oth Venditti, Alain oth Enthalten in Journal of macroeconomics Amsterdam [u.a.] : Elsevier, 1979 48(2016), Seite 327-350 (DE-627)130622788 (DE-600)796245-9 (DE-576)016129423 0164-0704 nnns volume:48 year:2016 pages:327-350 http://dx.doi.org/10.1016/j.jmacro.2016.04.007 Volltext http://www.sciencedirect.com/science/article/pii/S0164070416300155 http://search.proquest.com/docview/1793921783 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW SSG-OLC-IBL GBV_ILN_21 GBV_ILN_26 GBV_ILN_39 GBV_ILN_70 GBV_ILN_130 GBV_ILN_285 GBV_ILN_2005 GBV_ILN_4028 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4318 GBV_ILN_4326 AR 48 2016 327-350
allfields_unstemmed	10.1016/j.jmacro.2016.04.007 doi PQ20160719 (DE-627)OLC1977790518 (DE-599)GBVOLC1977790518 (PRQ)c1850-1f81ecd06015392b6427b1fbc7bbb7cdf914b007884f8f4b3eec53f27d812a3e0 (KEY)0090219520160000048000000327collateralandgrowthcycleswithheterogeneousagents DE-627 ger DE-627 rakwb eng 330 DNB Bosi, Stefano verfasserin aut Collateral and growth cycles with heterogeneous agents 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We investigate the effects of collateral and monetary policy on economic growth within a Ramsey equilibrium model where agents have different discount factors. Introducing liquidity constraints in segmented markets where (poor) impatient agents without collateral have limited access to credit, we study their implications in terms of welfare and business cycles (based on deterministic cycles through bifurcations and self-fulfilling prophecies). We find that an accommodative monetary policy may be growth-enhancing and welfare-improving (through the inequality reduction) while making unpleasant fluctuations more likely. Conversely, a regulation reinforcing the role of collateral and tempering the financial market imperfections may stimulate the economic growth while pursuing the goal of stabilization.[web URL:http://www.sciencedirect.com/science/article/pii/S0164070416300027] Nutzungsrecht: © Elsevier Inc. Collateral Studies Economic growth Business cycles Equilibrium Monetary policy Ismael, Mohanad oth Venditti, Alain oth Enthalten in Journal of macroeconomics Amsterdam [u.a.] : Elsevier, 1979 48(2016), Seite 327-350 (DE-627)130622788 (DE-600)796245-9 (DE-576)016129423 0164-0704 nnns volume:48 year:2016 pages:327-350 http://dx.doi.org/10.1016/j.jmacro.2016.04.007 Volltext http://www.sciencedirect.com/science/article/pii/S0164070416300155 http://search.proquest.com/docview/1793921783 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW SSG-OLC-IBL GBV_ILN_21 GBV_ILN_26 GBV_ILN_39 GBV_ILN_70 GBV_ILN_130 GBV_ILN_285 GBV_ILN_2005 GBV_ILN_4028 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4318 GBV_ILN_4326 AR 48 2016 327-350
allfieldsGer	10.1016/j.jmacro.2016.04.007 doi PQ20160719 (DE-627)OLC1977790518 (DE-599)GBVOLC1977790518 (PRQ)c1850-1f81ecd06015392b6427b1fbc7bbb7cdf914b007884f8f4b3eec53f27d812a3e0 (KEY)0090219520160000048000000327collateralandgrowthcycleswithheterogeneousagents DE-627 ger DE-627 rakwb eng 330 DNB Bosi, Stefano verfasserin aut Collateral and growth cycles with heterogeneous agents 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We investigate the effects of collateral and monetary policy on economic growth within a Ramsey equilibrium model where agents have different discount factors. Introducing liquidity constraints in segmented markets where (poor) impatient agents without collateral have limited access to credit, we study their implications in terms of welfare and business cycles (based on deterministic cycles through bifurcations and self-fulfilling prophecies). We find that an accommodative monetary policy may be growth-enhancing and welfare-improving (through the inequality reduction) while making unpleasant fluctuations more likely. Conversely, a regulation reinforcing the role of collateral and tempering the financial market imperfections may stimulate the economic growth while pursuing the goal of stabilization.[web URL:http://www.sciencedirect.com/science/article/pii/S0164070416300027] Nutzungsrecht: © Elsevier Inc. Collateral Studies Economic growth Business cycles Equilibrium Monetary policy Ismael, Mohanad oth Venditti, Alain oth Enthalten in Journal of macroeconomics Amsterdam [u.a.] : Elsevier, 1979 48(2016), Seite 327-350 (DE-627)130622788 (DE-600)796245-9 (DE-576)016129423 0164-0704 nnns volume:48 year:2016 pages:327-350 http://dx.doi.org/10.1016/j.jmacro.2016.04.007 Volltext http://www.sciencedirect.com/science/article/pii/S0164070416300155 http://search.proquest.com/docview/1793921783 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW SSG-OLC-IBL GBV_ILN_21 GBV_ILN_26 GBV_ILN_39 GBV_ILN_70 GBV_ILN_130 GBV_ILN_285 GBV_ILN_2005 GBV_ILN_4028 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4318 GBV_ILN_4326 AR 48 2016 327-350
allfieldsSound	10.1016/j.jmacro.2016.04.007 doi PQ20160719 (DE-627)OLC1977790518 (DE-599)GBVOLC1977790518 (PRQ)c1850-1f81ecd06015392b6427b1fbc7bbb7cdf914b007884f8f4b3eec53f27d812a3e0 (KEY)0090219520160000048000000327collateralandgrowthcycleswithheterogeneousagents DE-627 ger DE-627 rakwb eng 330 DNB Bosi, Stefano verfasserin aut Collateral and growth cycles with heterogeneous agents 2016 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier We investigate the effects of collateral and monetary policy on economic growth within a Ramsey equilibrium model where agents have different discount factors. Introducing liquidity constraints in segmented markets where (poor) impatient agents without collateral have limited access to credit, we study their implications in terms of welfare and business cycles (based on deterministic cycles through bifurcations and self-fulfilling prophecies). We find that an accommodative monetary policy may be growth-enhancing and welfare-improving (through the inequality reduction) while making unpleasant fluctuations more likely. Conversely, a regulation reinforcing the role of collateral and tempering the financial market imperfections may stimulate the economic growth while pursuing the goal of stabilization.[web URL:http://www.sciencedirect.com/science/article/pii/S0164070416300027] Nutzungsrecht: © Elsevier Inc. Collateral Studies Economic growth Business cycles Equilibrium Monetary policy Ismael, Mohanad oth Venditti, Alain oth Enthalten in Journal of macroeconomics Amsterdam [u.a.] : Elsevier, 1979 48(2016), Seite 327-350 (DE-627)130622788 (DE-600)796245-9 (DE-576)016129423 0164-0704 nnns volume:48 year:2016 pages:327-350 http://dx.doi.org/10.1016/j.jmacro.2016.04.007 Volltext http://www.sciencedirect.com/science/article/pii/S0164070416300155 http://search.proquest.com/docview/1793921783 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW SSG-OLC-IBL GBV_ILN_21 GBV_ILN_26 GBV_ILN_39 GBV_ILN_70 GBV_ILN_130 GBV_ILN_285 GBV_ILN_2005 GBV_ILN_4028 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4318 GBV_ILN_4326 AR 48 2016 327-350
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doi_str_mv	10.1016/j.jmacro.2016.04.007
dewey-full	330
title_sort	collateral and growth cycles with heterogeneous agents
title_auth	Collateral and growth cycles with heterogeneous agents
abstract	We investigate the effects of collateral and monetary policy on economic growth within a Ramsey equilibrium model where agents have different discount factors. Introducing liquidity constraints in segmented markets where (poor) impatient agents without collateral have limited access to credit, we study their implications in terms of welfare and business cycles (based on deterministic cycles through bifurcations and self-fulfilling prophecies). We find that an accommodative monetary policy may be growth-enhancing and welfare-improving (through the inequality reduction) while making unpleasant fluctuations more likely. Conversely, a regulation reinforcing the role of collateral and tempering the financial market imperfections may stimulate the economic growth while pursuing the goal of stabilization.[web URL:http://www.sciencedirect.com/science/article/pii/S0164070416300027]
abstractGer	We investigate the effects of collateral and monetary policy on economic growth within a Ramsey equilibrium model where agents have different discount factors. Introducing liquidity constraints in segmented markets where (poor) impatient agents without collateral have limited access to credit, we study their implications in terms of welfare and business cycles (based on deterministic cycles through bifurcations and self-fulfilling prophecies). We find that an accommodative monetary policy may be growth-enhancing and welfare-improving (through the inequality reduction) while making unpleasant fluctuations more likely. Conversely, a regulation reinforcing the role of collateral and tempering the financial market imperfections may stimulate the economic growth while pursuing the goal of stabilization.[web URL:http://www.sciencedirect.com/science/article/pii/S0164070416300027]
abstract_unstemmed	We investigate the effects of collateral and monetary policy on economic growth within a Ramsey equilibrium model where agents have different discount factors. Introducing liquidity constraints in segmented markets where (poor) impatient agents without collateral have limited access to credit, we study their implications in terms of welfare and business cycles (based on deterministic cycles through bifurcations and self-fulfilling prophecies). We find that an accommodative monetary policy may be growth-enhancing and welfare-improving (through the inequality reduction) while making unpleasant fluctuations more likely. Conversely, a regulation reinforcing the role of collateral and tempering the financial market imperfections may stimulate the economic growth while pursuing the goal of stabilization.[web URL:http://www.sciencedirect.com/science/article/pii/S0164070416300027]
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title_short	Collateral and growth cycles with heterogeneous agents
url	http://dx.doi.org/10.1016/j.jmacro.2016.04.007 http://www.sciencedirect.com/science/article/pii/S0164070416300155 http://search.proquest.com/docview/1793921783
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author2	Ismael, Mohanad Venditti, Alain
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doi_str	10.1016/j.jmacro.2016.04.007
up_date	2024-07-03T19:32:20.687Z
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