Breaking the Spell with Credit-Easing: Self-Confirming Credit Crises in Competitive Search Economies
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https://www.nber.org/papers/w22006
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资源简介：
We show that credit crises can be Self-Confirming Equilibria (SCE), which provides a new rationale for policy interventions like, for example, the FRB's TALF credit-easing program in 2009. We introduce SCE in competitive credit markets with directed search. These markets are efficient when lenders
提供机构：
美国国家经济研究局
创建时间：
2016-02-01
