Matsuyama, Kiminori; Sushko, Iryna; Gardini, Laura - Institute for Monetary and Economic Studies, Bank of Japan - 2015
The contribution of this paper is twofold. First, it reformulates the model of endogenous credit cycles by Matsuyama (2013, Sections 2-4). It is shown that the same dynamical system that generates the equilibrium trajectory can be obtained under a much simpler set of assumptions. Such a...
