Endogenous Cycles in Collateralized Credit
构建了一个简单均衡模型，证明即使经济基本面不变，抵押信贷交易也会内生波动，导致贸易概率、抵押品价值和贷款规模周期性变化。
Abstract This paper presents a simple and tractable equilibrium model, where collateralized credit emerges under limited commitment. We show that even if there is no time variation in fundamentals, credit trade can fluctuate endogenously over time. In our theory, credit fragilities are associated with endogenous fluctuations in trade probabilities, collateral values, and lending volumes.