Credit Cycles
构建了一个动态经济模型，其中贷款需抵押品，耐用资产兼具生产与抵押功能。信贷约束与资产价格的互动形成传导机制，使技术或收入分配的小冲击引发产出和资产价格的大幅持续波动。
The authors construct a model of a dynamic economy in which lenders cannot force borrowers to repay their debts unless the debts are secured. In such an economy, durable assets play a dual role: not only are they factors of production but they also serve as collateral for loans. The dynamic interaction between credit limits and asset prices turns out to be a powerful transmission mechanism by which the effects of shocks persist, amplify, and spill over to other sectors. The authors show that small, temporary shocks to technology or income distribution can generate large, persistent fluctuations in output and asset prices. Copyright 1997 by the University of Chicago.