| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14248 |
| DP14248 Deterministic Debt Cycles in Open Economies with Flow Collateral Constraints | |
| Stephanie Schmitt-Grohé; Martín Uribe | |
| 发表日期 | 2019-12-25 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper establishes the existence of deterministic cycles in infinite-horizon open economy models with a flow collateral constraint. It shows that for plausible parameter configurations, the economy has a unique equilibrium exhibiting deterministic cycles in which periods of debt growth are followed by periods of debt deleveraging. In particular, three-period cycles exist, which implies by the Li-Yorke Theorem the presence of cycles of any periodicity and chaos. The paper also shows that deterministic cycles are absent in the Ramsey optimal allocation providing a justification for macroprudential policies even in the absence of uncertainty. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Deterministic cycles Chaos Flow collateral constraints Credit booms Deleveraging Pecuniary externality Capital controls |
| URL | https://cepr.org/publications/dp14248 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543134 |
| 推荐引用方式 GB/T 7714 | Stephanie Schmitt-Grohé,Martín Uribe. DP14248 Deterministic Debt Cycles in Open Economies with Flow Collateral Constraints. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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