Creating Business Cycles Through Credit Constraints

Abstract

Business cycles appear to be large, persistent, and asymmetric relative to the shocks hitting the economy. This observation suggests the existence of an asymmetric amplification and propagation mechanism, which transforms the shocks into the observed movements in aggregate output. This article demonstrates, in a small open economy, how credit constraints… (More)

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@inproceedings{Kocherlakota2000CreatingBC, title={Creating Business Cycles Through Credit Constraints}, author={Narayana Kocherlakota}, year={2000} }