Hirakata, Naohisa; Sudo, Nao; Ueda, Kozo - Institute for Monetary and Economic Studies, Bank of Japan - 2009
Based on the financial accelerator model of Bernanke et al. (1999), we develop a dynamic general equilibrium model for a chain of credit contracts in which financial intermediaries (hereafter FIs) as well as entrepreneurs are subject to credit constraints. Financial intermediation takes place...