Credit Crises, Precautionary Savings, and the Liquidity Trap
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We study the effects of a credit crunch on consumer spending in a heterogeneous-agent incomplete-market model. After an unexpected permanent tightening in consumers' borrowing capacity, some consumers are forced to deleverage and others increase their precautionary savings. This depresses interest
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美国国家经济研究局创建时间：
2011-11-01
