Liquidity Traps and Monetary Policy: Managing a Credit Crunch
研究异质性生产者在面临抵押品和现金预付款约束时，抵押品约束收紧导致信贷紧缩型衰退，并模拟2007年美国金融危机特征，分析信贷紧缩后不同货币与财政政策的效果。
We study a model with heterogeneous producers that face collateral and cash-in-advance constraints. A tightening of the collateral constraint results in a credit-crunch-generated recession that reproduces some features of the financial crisis that unraveled in 2007 in the United States. We use the model to study the effects, following a credit crunch, of alternative monetary and fiscal policies.