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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.}, }