The Dynamics of the Wealth Distribution and the Interest Rate with Credit Rationing
在索洛模型中引入信贷配给，发现长期利率和财富分配存在多重稳态，利率越高则信贷配给越严重、资本积累越慢，且短期冲击可能通过财富分配动态产生持久影响。
With decreasing returns and first-best credit, the long-run interest rate and aggregate output are uniquely determined, and wealth dispersion among individuals or firms is irrelevant. Introducing credit rationing into the Solow model modifies these conclusions. Multiple stationary interest rates and wealth distributions can exist because higher initial rates can be self-reinforcing through higher credit rationing and lower capital accumulation. The wealth accumulation process is ergodic in every steady state, but wealth mobility is lower with higher steady-state interest rates. Aggregate output is higher in steady states with lower interest rates because credit is better allocated. Short-run interest rate or distribution shocks can be self-sustaining and can have long-run effects on output through the induced dynamics of the wealth distribution and credit rationing.