Endogenous Collateral Constraints and the Leverage Cycle
回顾了不完全市场抵押均衡模型中的杠杆理论，解释了杠杆如何内生决定、依赖波动性，并形成杠杆周期，区别于信贷周期，还讨论了多重杠杆周期的横截面影响。
We review the theory of leverage developed in collateral equilibrium models with incomplete markets. We explain how leverage tends to boost asset prices and create bubbles. We show how leverage can be endogenously determined in equilibrium and how it depends on volatility. We describe the dynamic feedback properties of leverage, volatility, and asset prices, in what we call the leverage cycle, and show how it differs from a credit cycle. We also describe some cross-sectional implications of multiple leverage cycles, including contagion, flight to collateral, and swings in the issuance volume of the highest-quality debt.