Borrowing constraints and complex dynamics in an OLG framework

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

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%T Borrowing constraints and complex dynamics in an OLG framework
%A Assenza, Tiziana
%A Agliari, Anna
%A Gatti, Domenico Delli
%A Santoro, Emiliano
%J Journal of Economic Behavior & Organization
%N 2
%P 656–669
%V 72
%D 2009
%K E32; E52; Borrowing constraints; Credit cycles; Complex dynamics; Monetary policy
%= 2012-08-07T13:48:00Z
%~ http://www.peerproject.eu/
%> https://nbn-resolving.org/urn:nbn:de:0168-ssoar-315129
%X 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.
%C NLD
%G en
%9 Zeitschriftenartikel
%W GESIS - http://www.gesis.org
%~ SSOAR - http://www.ssoar.info