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Borrowing constraints and complex dynamics in an OLG framework
[journal article]
Abstract In this paper we model an OLG economy à la Kiyotaki and Moore whose novel feature is the role of money as a store of value and of bequest as a source of funds to be "invested" in landholding. The dynamics generated by the model are generally characterized by irregular cyclical trajectories and, unde... view more
In this paper we model an OLG economy à la Kiyotaki and Moore whose novel feature is the role of money as a store of value and of bequest as a source of funds to be "invested" in landholding. The dynamics generated by the model are generally characterized by irregular cyclical trajectories and, under special con.guration of the parameters, a strange attractor appears. In this setting, an expansionary monetary policy may have a stabilizing role due to the interaction between money holding and the accumulation of borrowers' net worth.... view less
Classification
Political Economy
Free Keywords
E32; E52; Borrowing constraints; Credit cycles; Complex dynamics; Monetary policy
Document language
English
Publication Year
2009
Page/Pages
656–669 p.
Journal
Journal of Economic Behavior & Organization, 72 (2009) 2
DOI
https://doi.org/10.1016/j.jebo.2009.07.011
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)