Credit Traps and Credit Cycles
构建了一个包含异质性投资项目的信贷市场不完全性宏观模型，解释了借款人净资产变动如何通过改变信贷在不同生产率项目间的配置，引发内生投资技术变化，进而导致信贷陷阱、信贷崩溃、蛙跳、信贷周期和增长奇迹等动态现象。
We develop a simple macroeconomic model of credit market imperfections with heterogeneous investment projects. The projects differ in productivity, the investment requirement, and the severity of agency problems behind the borrowing constraints. A movement in borrower net worth shifts the composition of the credit between projects with different productivity levels, thereby causing endogenous investment-specific technological change. Furthermore, such endogenous technological change in turn affects borrower net worth. These composition effects could give rise to credit traps, credit collapse, leapfrogging, credit cycles, and growth miracles in the dynamics of the aggregate investment and borrower net worth.