Endogenous Credit Cycles
研究了有限承诺下的信贷模型，其中债务上限由内生决定。存在多重稳态均衡和非稳态均衡，信贷条件仅因信念变化而改变，债务上限可能呈现确定性周期、混沌或随机波动。
This paper studies models of credit with limited commitment and, therefore, endogenous debt limits. There are multiple stationary equilibria plus nonstationary equilibria in which credit conditions change simply because of beliefs. There can be equilibria in which debt limits display deterministic cyclic or chaotic dynamics, as well as stochastic (sunspot) equilibria in which they fluctuate randomly, even though fundamentals are deterministic and time invariant. Examples and applications are discussed. We also consider different mechanisms for determining the terms of trade and compare the setup to other credit models in the literature.