Inefficient Credit Booms
收藏NBER2007-11-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w13639
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资源简介：
This paper studies the welfare properties of competitive equilibria in an economy with financial frictions hit by aggregate shocks. In particular, it shows that competitive financial contracts can result in excessive borrowing ex ante and excessive volatility ex post. Even though, from a first-best
提供机构：
美国国家经济研究局
创建时间：
2007-11-01
