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Boundedly rational credit cycles

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  • María Sáez

Abstract

We propose an evolutionary model of a credit market. We show that the economy exhibits credit cycles. The model predicts dynamics which are consistent with some evidence about the Great Depression. Real shocks trigger episodes of credit--crunch which are observed in the process of adjustment towards the post shock equilibrium.

Suggested Citation

  • María Sáez, 1996. "Boundedly rational credit cycles," Economics Working Papers 156, Department of Economics and Business, Universitat Pompeu Fabra.
    • Handle: RePEc:upf:upfgen:156
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