Interest Rates in a Credit Constrained Economy
研究家庭面临信贷约束时，均衡实际利率低于时间偏好率，并受风险厌恶、货币需求、银行成本、通胀及资本生产率等因素影响，且金融变量变化对人均资本和产出的影响更大。
When households face credit constraints in an economy with inside as well as outside money, stationary equilibrium real interest rates are below the household rate of time preference. They also depend significantly upon household risk aversion, the demand for inside versus outside money, bank costs, bank reserves, inflation, and the marginal productivity of capital and capital depreciation rates. In addition, changes in financial variables affect per capita capital and output to a greater extent when households are credit constrained. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.