Borrowing constraints and complex dynamics in an OLG framework

Assenza, Tiziana; Agliari, Anna; Gatti, Domenico Delli; Santoro, Emiliano

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@article{ Assenza2009,
 title = {Borrowing constraints and complex dynamics in an OLG framework},
 author = {Assenza, Tiziana and Agliari, Anna and Gatti, Domenico Delli and Santoro, Emiliano},
 journal = {Journal of Economic Behavior & Organization},
 number = {2},
 pages = {656–669},
 volume = {72},
 year = {2009},
 doi = {https://doi.org/10.1016/j.jebo.2009.07.011},
 urn = {https://nbn-resolving.org/urn:nbn:de:0168-ssoar-315129},
 abstract = {In this paper we model an OLG economy à la Kiyotaki and Moore whose novel feature is the role of money as a store of value and of bequest as a source of funds to be "invested" in landholding. The dynamics generated by the model are generally characterized by irregular cyclical trajectories and, under special con.guration of the parameters, a strange attractor appears. In this setting, an expansionary monetary policy may have a stabilizing role due to the interaction between money holding and the accumulation of borrowers' net worth.},
}