Financial Constraints, Endogenous Markups, and Self-fulfilling Equilibria
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https://www.nber.org/papers/w18074
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资源简介：
We show that self-fulfilling equilibria and indeterminacy can easily arise in a simple financial accelerator model with reasonable parameter calibrations and without increasing returns in production. A key feature for generating indeterminacy in our model is the countercyclical markup due to the
提供机构：
美国国家经济研究局
创建时间：
2012-05-01
