Sudden Stops, Financial Crises, and Leverage
研究了新兴经济体突然停止现象中金融崩溃后深度衰退的机制，通过带抵押约束的均衡商业周期模型，解释了杠杆上升触发约束导致费雪式通缩，进而减少信贷和抵押资产价格与数量，并因营运资本融资受限而降低产出和要素配置。
Financial crashes were followed by deep recessions in the Sudden Stops of emerging economies. An equilibrium business cycle model with a collateral constraint explains this phenomenon as a result of the amplification and asymmetry that the constraint induces in the responses of macro-aggregates to shocks. Leverage rises during expansions, and when it rises enough it triggers the constraint, causing a Fisherian deflation that reduces credit and the price and quantity of collateral assets. Output and factor allocations fall because access to working capital financing is also reduced. Precautionary saving makes Sudden Stops low probability events nested within normal cycles, as observed in the data.