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Stato del Credito, Effetto Cash-flow ed Instabilità
[State of Credit, Cash-flow Effect and Instability]

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Listed:
  • SAU, Lino

Abstract

The paper show how changes in the state of credit may cause instability in the output and in the employment levels. The model revised Delli Gatti and Gallegati's version of the contribution by Greenwald and Stiglitz (1993) in a contest characterized by imperfect competition in the goods market and asymmetric information, both ex-ante and ex-post, in the credit market. The financial constraints in credit market an the pro-cyclical mark-up in goods market can account for overlending boom phenomena and debt-deflation effects.

Suggested Citation

  • SAU, Lino, 2001. "Stato del Credito, Effetto Cash-flow ed Instabilità [State of Credit, Cash-flow Effect and Instability]," MPRA Paper 3641, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:3641
    as

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    File URL: https://mpra.ub.uni-muenchen.de/3641/1/MPRA_paper_3641.pdf
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    financial constraints; imperfect competition; instability;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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