Aggregate Demand Externality and Self-Fulfilling Default Cycles
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https://www.nber.org/papers/w32291
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资源简介：
We develop a model of self-fulfilling default cycles with demand externality a la Dixit- Stiglitz to explain the recurrent clustered defaults observed in the data. The literature reports that observable fundamental factors alone are insufficient to explain the cluster. A decline in aggregate output
提供机构：
美国国家经济研究局
创建时间：
2024-04-01
