CREDIT CYCLES REDUX*
检验了在标准假设下抵押品约束能否放大外生冲击，发现通常只能产生较小的产出放大效应，而大幅放大是一种“刀锋”式结果。
Theoretical studies have shown that under unorthodox assumptions on preferences and production technologies, collateral constraints can act as a powerful amplification and propagation mechanism of exogenous shocks. We investigate whether or not this result holds under more standard assumptions. We find that collateral constraints typically generate small output amplification. Large amplification is obtained as a “knife‐edge” type of result.