Andolfatto, David; Gervais, Martin - In: Journal of Economic Dynamics and Control 32 (2008) 12, pp. 3745-3759
This paper develops a simple life-cycle model that embeds a theory of debt restrictions based on the existence of inalienable property rights a la Kehoe and Levine [1993. Debt constrained asset markets. Review of Economic Studies 60(4), 865-888; 2001. Liquidity constrained markets versus debt...