Liquidity and Trading Dynamics
构建了一个模型，其中流动性约束会放大经济对总体冲击的反应，通过货币与信贷交易机制，解释了流动性约束如何导致更大的总体波动和生产者之间的联动。
In this paper, we build a model where the presence of liquidity constraints tends to magnify the economy's response to aggregate shocks. We consider a decentralized model of trade, where agents may use money or credit to buy goods. When agents do not have access to credit and the real value of money balances is low, agents are more likely to be liquidity constrained. This makes them more concerned about their short-term earning prospects when making their consumption decisions and about their short-term spending opportunities when making their production decisions. This generates a coordination element in spending and production which leads to greater aggregate volatility and greater comovement across producers. Copyright 2009 The Econometric Society.