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Credit cycles

[PDF] from farfe.org
N Kiyotaki… - 1995 - nber.org
This paper is a theoretical study into how credit constraints interact with aggregate economic
activity over the business cycle. We construct a model of a dynamic economy in which
lenders cannot force borrowers to repay their debts unless the debts are secured. In such ...
Cited by 2905 - Related articles - Library Search - BL Direct - All 55 versions

Monopolistic competition and the effects of aggregate demand

[PDF] from hi.is
OJ Blanchard… - The American Economic Review, 1987 - JSTOR
How important is monopolistic competition to an understanding of the effects of aggregate
demand on output? We ask the question at three levels. Can monopolistic competition, by
itself, explain why aggregate demand movements affect output? Can it, together with other ...
Cited by 1472 - Related articles - Get it from MIT Libraries - All 26 versions

On money as a medium of exchange

[PDF] from uwm.edu
N Kiyotaki… - The Journal of Political Economy, 1989 - JSTOR
We analyze economies in which individuals specialize in consumption and production and
meet randomly over time in a way that implies that trade must be bilateral and quid pro quo.
Nash equilibria in trading strategies are characterized. Certain goods emerge ...
Cited by 1005 - Related articles - Get it from MIT Libraries - Library Search - All 23 versions

A search-theoretic approach to monetary economics

[PDF] from uoc.gr
N Kiyotaki… - The American Economic Review, 1993 - JSTOR
The essential function of money is its role as a medium of exchange. We formalize this idea
using a search-theoretic equilibrium model of the exchange process that captures the"
double coincidence of wants problem" with pure barter. One advantage of the framework ...
Cited by 622 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 19 versions

A contribution to the pure theory of money

[PDF] from minneapolisfed.org
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N Kiyotaki… - Journal of Economic Theory, 1991 - Elsevier
Abstract This article analyzes a general equilibrium model with search frictions and
differentiated commodities. Because of the many differentiated commodities, barter is difficult
in that it requires a double coincidence of wants, and this provides a medium of exchange ...
Cited by 301 - Related articles - Library Search - All 19 versions

[PDF] Financial intermediation and credit policy in business cycle analysis

[PDF] from u-tokyo.ac.jp
M Gertler, N Kiyotaki - Handbook of Monetary Economics, 2010 - gaia.eu-tokyo.ac.jp
Abstract We develop a canonical framework to think about credit market frictions and
aggregate economic activity in the context of the current crisis. We use the framework to
address two issues in particular: first, how disruptions in financial intermediation can ...
Cited by 274 - Related articles - View as HTML - All 92 versions

Toward a theory of international currency

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K Matsuyama, N Kiyotaki… - The review of …, 1993 - restud.oxfordjournals.org
Abstract We use the framework of random matching games and develop a two-country
model of the world economy, in which two national currencies compete and may be
circulated as media of exchange. There are multiple equilibria, which differ in the areas of ...
Cited by 240 - Related articles - Library Search - BL Direct - All 19 versions

[PDF] Liquidity, business cycles and monetary policy

[PDF] from ed.ac.uk
N Kiyotaki… - Unpublished manuscript, Princeton University and …, 2008 - ed.ac.uk
In this paper and its companion, 1 we provide a simple framework for modelling differences
in liquidity across assets. Our purpose is to understand the interactions between asset prices
and aggregate activity, and to explain liquidity premia. In so doing, we want to to find out ...
Cited by 208 - Related articles - All 193 versions

Multiple expectational equilibria under monopolistic competition

[PDF] from oxfordjournals.org
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N Kiyotaki - The Quarterly Journal of Economics, 1988 - qje.oxfordjournals.org
Abstract This paper shows that a monopolistically competitive economy with real investment
can have multiple rational expectations equilibria: one is associated with entrepreneurs'
optimistic expectations about future demand; another with entrepreneurs' pessimism. It ...
Cited by 169 - Related articles - Library Search - All 7 versions

[PDF] Credit chains

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N Kiyotaki… - Journal of Political Economy, 1997 - mpls.frb.org
This paper is a theoretical study into how shocks propagate through a network of firms who
borrow from, and lend to, each other. In particular, we investigate how a small, temporary
shock to the liquidity of some firms may cause a chain reaction in which other firms get into ...
Cited by 146 - Related articles - View as HTML - All 11 versions

Credit and business cycles

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N Kiyotaki - Japanese Economic Review, 1998 - Wiley Online Library
This paper presents two dynamic models of the economy in which credit constraints arise
because creditors cannot force debtors to repay debts unless the debts are secured by
collateral. The credit system becomes a powerful propagation mechanism by which the ...
Cited by 123 - Related articles - BL Direct - All 15 versions

Evil is the root of all money

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N Kiyotaki… - The American Economic Review, 2002 - JSTOR
A traditional view of money is that it lubricates trade when there is no double coincidence of
wants. The classic example, due to Knut Wicksell (1934), has three types of agents, and
three physically distinct commodities. Type I wants a commodity supplied by type II, type II ...
Cited by 83 - Related articles - BL Direct - All 24 versions

Winners and losers in housing markets

[PDF] from nber.org
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N Kiyotaki, A Michaelides… - Journal of Money, Credit …, 2011 - Wiley Online Library
This paper is a quantitatively oriented theoretical study into the interaction between housing
prices, aggregate production, and household behavior over a lifetime. We develop a life-
cycle model of a production economy in which land and capital are used to build ...
Cited by 71 - Related articles - Library Search - All 88 versions

2002 LAWRENCE R. KLEIN LECTURE LIQUIDITY AND ASSET PRICES*

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N Kiyotaki… - International Economic Review, 2005 - Wiley Online Library
We broadly define liquid assets, or monetary assets, as any asset that can be readily sold in
the market and can be held by a number of people in succession before maturity. We ask in
what environment is the circulation of liquid assets essential for the smooth running of the ...
Cited by 65 - Related articles - All 15 versions

Balance-sheet contagion

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N Kiyotaki… - The American economic review, 2002 - JSTOR
Japan has been in a slump for the past decade. After GDP had been growing by on average
4 percent during the 1980's, the growth rate dropped to 1 percent in the 1990's. Asset prices
also fluctuated significantly: capital gains on stocks and real estate in the 1980's, followed ...
Cited by 60 - Related articles - BL Direct - All 13 versions

[PDF] Business fixed investment and the recent business cycle in Japan

[PDF] from nber.org
N Kiyotaki… - 1996 - nber.org
In the last decade, the Japanese economy has gone through both its strongest expansion of
the last twenty years and its most severe recession of the last forty years. During this decade,
business fixed investment was unusually volatile, and in a sense documented below ...
Cited by 55 - Related articles - View as HTML - Library Search - BL Direct - All 13 versions

[PDF] Inside money and liquidity

[PDF] from ed.ac.uk
N Kiyotaki… - Unpublished manuscript, University of Edinburgh, 2000 - ed.ac.uk
Inside money can be defined very broadly as any privately—issued 1ong—term paper that is
held by a number of agents in succession. whenever paper circulates as a means of short—
term saving (liquidity), it can properly be considered as money, or a medium of exchange, ...
Cited by 54 - Related articles - All 15 versions

[PDF] The great escape? A quantitative evaluation of the Fed's non-standard policies

[PDF] from bde.eu
M Del Negro, G Eggertsson, A Ferrero… - … , Federal Reserve Bank of …, 2010 - bde.eu
Abstract This paper extends the model in Kiyotaki and Moore (2008) to include nominal
wage and price frictions and explicitly incorporates the zero bound on the short-term
nominal interest rate. We subject this model to a shock which arguably captures the 2008 ...
Cited by 54 - Related articles - View as HTML - All 21 versions

More on Money as a Medium of Exchange

[PDF] from frb.org
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TJ Kehoe, N Kiyotaki… - Economic Theory, 1993 - Springer
Summary We extend the analysis of Kiyotaki and Wright, who study economies where the
commodities that serve as media of exchange (or, commodity money) are determined
endogenously. Kiyotaki and Wright consider only steady-state, pure-strategy equilibria; ...
Cited by 43 - Related articles - Library Search - All 18 versions

[BOOK] Adjusting to capital account liberalization

[PDF] from nber.org
K Aoki, G Benigno… - 2010 - nber.org
Abstract We study theoretically how an economy adjusts to liberalization of interna% tional
financial transaction. We consider an economy in which debtors do not repay unless the
debts are secured by collateral, and collateralizable assets for international borrowing are ...
Cited by 44 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 33 versions

[PDF] Acceptability, means of payment, and media of exchange

[PDF] from ubc.ca
N Kiyotaki… - Federal Reserve Bank of Minneapolis …, 1992 - econ.arts.ubc.ca
Arguably the most important function of money is its role as a medium of exchange. Wicksell
([1906] 1967, p. 15) defined a medium of exchange to be" an object which is taken in
exchange, not on its own account,... not to be consumed by the receiver or to be employed ...
Cited by 33 - Related articles - Get it from MIT Libraries - All 25 versions

A dynamic equilibrium model of search, production, and exchange

[PDF] from northwestern.edu
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M Boldrin, N Kiyotaki… - Journal of Economic Dynamics and …, 1993 - Elsevier
Abstract We study a general equilibrium model where agents search for production and
trading opportunities, that generalizes the existing literature by considering a large number
of differentiated commodities and agents with idiosyncratic tastes. Thus, agents must ...
Cited by 32 - Related articles - Library Search - All 15 versions

Buyers and Sellers: Should I Stay or Should I Go?

Full text - MIT Libraries
K Burdett, M Coles, N Kiyotaki… - The American Economic Review, 1995 - JSTOR
This paper explores some aspects of the exchange process that should be of interest to
economists who use search theory, and especially to those who use search as a foundation
for monetary economics. We are mainly concerned with a question that seems basic but ...
Cited by 29 - Related articles - BL Direct - All 7 versions

Monopolistic competition, aggregate demand externalities and real effects of nominal money

[PDF] from mit.edu
OJ Blanchard… - 1989 - nber.org
A long standing issue in macroeconomics is that of the relation of imperfect competition to
fluctuations in output. In this paper we examine the relation between monopolistic
competition and the role of aggregate demand in the determination of output. We first ...
Cited by 26 - Related articles - Library Search - All 10 versions

[BOOK] A model of job and worker flows

[PDF] from ed.ac.uk
N Kiyotaki, R Lagos… - 2005 - econ.ed.ac.uk
Abstract We develop a model of gross job and worker flows and use it to study how the
wages, permanent incomes, and employment status of individual workers evolve over time.
Our model helps explain various features of labor markets, such as the size and ...
Cited by 26 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - BL Direct - All 44 versions

[PDF] Financial crises, bank risk exposure and government financial policy

[PDF] from univie.ac.at
M Gertler, N Kiyotaki… - htpp://www. hec. unil. ch/ …, 2010 - econ.univie.ac.at
Abstract We develop a macroeconomic model with financial intermediation that allow the
intermediaries (banks) to issue outside equity as well as short term debt. This makes bank
risk exposure an endogenous choice. The goal is to have a model that can not only ...
Cited by 30 - Related articles - View as HTML - All 55 versions

Private sector development in transition economies

Full text - MIT Libraries
Z Brixiova… - Carnegie-Rochester Conference Series on Public …, 1997 - Elsevier
This paper is a theoretical study of private sector development in transition economies of
Central Europe after 1989. In particular, we investigate how aggregate output and
employment interact with the shrinkage of the state sector and the creations and ...
Cited by 26 - Related articles - All 5 versions

Adjusting to capital liberalization

[PDF] from lse.ac.uk
K Aoki, G Benigno… - 2006 - eprints.lse.ac.uk
We study theoretically how an economy adjusts to liberalization of interna-tional financial
transaction. We consider an economy in which debtors do not repay unless the debts are
secured by collateral, and collateralizable assets for international borrowing are more ...
Cited by 23 - Related articles - All 56 versions

[PDF] Capital flows and asset prices

[PDF] from nber.org
K Aoki, G Benigno… - NBER International Seminar on …, 2009 - nber.org
After liberalizing international transaction of financial assets, many countries experience
large swings in the value of fixed assets, the amounts of foreign and domestic credits, and
aggregate economic activities. This is true for both industrial and emerging market ...
Cited by 24 - Related articles - View as HTML - All 21 versions

Financial deepening

[PDF] from princeton.edu
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N Kiyotaki… - Journal of the European Economic …, 2005 - Wiley Online Library
Abstract We develop a model of financial deepening, based on the distinction between
limited bilateral commitment and limited multilateral commitment. We explore the effects of
secular changes in financial depth on investment and output; on intermediation and ...
Cited by 21 - Related articles - All 21 versions

Search for a Theory of Money

N Kiyotaki… - 1990 - nber.org
The classical and early neoclassical economists knew that the essential function of money
was its role as a medium of exchange; Recently, this idea has been formalized using search-
theoretic noncooperative equilibrium models of the exchange process. The goal of this ...
Cited by 12 - Related articles - All 10 versions

[PDF] The Great Escape?

[PDF] from nber.org
M Del Negro, G Eggertsson, A Ferrero… - A quantitative evaluation …, 2010 - nber.org
Abstract This paper extends the model in Kiyotaki and Moore (2008) to include nominal
wage and price frictions and explicitly incorporates the zero bound on the short-term
nominal interest rate. We subject this model to a shock which arguably captures the 2008 ...
Cited by 11 - Related articles - View as HTML - All 33 versions

9. A cost of unified currency

[PDF] from princeton.edu
N Kiyotaki… - … , monetary theory and practice: essays in …, 2003 - books.google.com
Until recently, Charles and I (Kiyotaki) taught a graduate monetary economics course
together. Charles usually taught first in the autumn, and then I taught in the spring. The
course was a popular one. The students seemed both to enjoy and to get puzzled by the ...
Cited by 11 - Related articles - All 8 versions

[CITATION] Buyers and sellers

K Burdett, M Coles, N Kiyotaki… - 1993 - University of Pennsylvania, Center …
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Land Prices and Business Fixed Investments in Japan

[PDF] from mecon.gov.ar
N Kiyotaki… - 2004 - nber.org
Japan has seen episodes in which boom and bust in land prices is accompanied by boom
and bust in business fixed investment. We develop a model that includes land in the
production function. We show that in this model movements in land prices will be ...
Cited by 7 - Related articles - BL Direct - All 12 versions

[CITATION] Lawrence R. Klein lecture, Liquidity and asset prices

Full text - MIT Libraries
N Kiyotaki… - International Economic Review, 2002
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[CITATION] lFinancial Crises

M Gertler, N Kiyotaki… - Bank Risk Exposure and Government Financial …, 2011
Cited by 6 - Related articles

Learning and the Value of the Firm

N Kiyotaki - 1990 - nber.org
The paper studies under what conditions the value of the firm occasionally increases for a
while before it suddenly drops, like a" bubble". We consider the environment where the trend
of net cash flow from a firm's production depends on uncertain quality of a manager, and ...
Cited by 6 - Related articles - Library Search - All 9 versions

[CITATION] Evil is the Root of all Money (Clarendon Lectures 1)

N Kiyotaki… - ESE Discussion Papers, 2004 - ideas.repec.org
If you know of missing items citing this one, you can help us creating those links by adding
the relevant references in the same way as above, for each refering item. If you are a
registered author of this item, you may also want to check the" citations" tab in your profile, ...
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[CITATION] sThe great escape

M Del Negro, G Eggertsson, A Ferrero… - A quantitative evaluation of the …, 2010
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[CITATION] Macroeconomics of monopolistic competition

N Kiyotaki - 1985 - en.scientificcommons.org
Publikationsansicht. 5340547. Macroeconomics of monopolistic competition. (1985).
Kiyotaki, Nobuhiro. Abstract. Thesis--Harvard Univ., 1985.. Photocopy.--Ann Arbor,
Mich.,--Edward Elgar, in association with University Microfilms ...
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[CITATION] sFinancial intermediation and credit policy in business cycle analysis, tHandbook of Monetary Economics, 3

M Gertler, N Kiyotaki - Friedman and M. Woodford (ed.), 3A, 2011
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[CITATION] Credit Cycles Journal of Political Economy; 105 (2)

N Kiyotaki… - 1990 - April
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[CITATION] Fiat Money in Search Equilibrium

N Kiyotaki… - Working papers, 1988 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
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[CITATION] Indexation and insurance: a stochastic model of credit cycles

N Kiyotaki… - 1999 - Working Paper, London School of …
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Credit Cycles

J Moore… - 1997 - papers.ssrn.com
Abstract: We 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 ...
Cited by 3 - Related articles - All 6 versions

[CITATION] rA Search'Theoretic Approach to Monetary Economics, sAmerican Economic Review

N Kiyotaki… - 1993 - March
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[CITATION] oLiquidity

N Kiyotaki… - Business Cycle and Monetary PolicypClarendon …, 2001
Cited by 2 - Related articles

[CITATION] Monopolistic competition, agregate demand externalities and real effects of nominal money

N KIYOTAKI - NBER Working Paper, 1985
Cited by 2 - Related articles

[CITATION] Liquidity, Business Cycles, and Mon

N Kiyotaki… - 2008 - etary Policy. mimeo
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[CITATION] pWinners and Losers in Housing Markets, qmanuscript

N Kiyotaki, A Michaelides… - Princeton University, 2008
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[CITATION] roward a Theory oflntemational Currency

K Matsuyama, N Kiyotaki… - Review of Economic Studies, 1993 - April
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[CITATION] john Moore, 1993,“

N Kiyotaki - Credit Cycles,” unpublished paper presented at the …, 1993
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A Model of Job and Worker Flows

R Lagos… - 2004 Meeting Papers, 2004 - ideas.repec.org
We develop a model of gross job and worker flows and use it to study how the wages and
employment status of individual workers evolve over time and how they are affected by
aggregate labor market conditions. We also examine the effects that labor market ...
Cited by 2 - Related articles - Cached - All 4 versions

[CITATION] Comment on:" Interbank market liquidity and central bank intervention"

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N Kiyotaki - Journal of Monetary Economics, 2009 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks.
Comment on: "Interbank market liquidity and central bank intervention". Nobuhiro Kiyotaki.
Journal of Monetary Economics, 2009, vol. 56, issue 5, pages 653-656. ...
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[CITATION] uWinners and Losers in Housing Markets, vJournal of Money

N Kiyotaki, A Michaelides… - Credit and Banking, 2011
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[CITATION] 'Monopolistic Competition and the Effect of Aggregate Demand

BJ Oliver… - American Economic Review, 1987
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[CITATION] Financial intermediation and credit policy in business cycle analysis, forthcoming in the Handbook of Monetary Economics

M Gertler, N Kiyotaki - 2009
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[CITATION] b. oCredit Cycles

Full text - MIT Libraries
N Kiyotaki… - Journal of Political Economy, 1997
Cited by 2 - Related articles

[CITATION] Private Sector Development in Transition Economies. Forthcoming in

Z Brixiova… - Carnegie Rochester Conference Series on Public …, 1996
Cited by 2 - Related articles - Get it from MIT Libraries

[CITATION] lAdjusting to Capital Account Liberal $ ization, munpublished manuscript London School of Economics

K Aoki, G Benigno… - 2006
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[CITATION] West [1996],“

N Kiyotaki… - NBER Macroeconomics Annual, 1996
Cited by 1 - Related articles - Get it from MIT Libraries

[CITATION] Monopolistic Competition, Aggregate Externalities and real Effects of Nominal Money

OJ Blanchard… - Working papers, 1985 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
Cited by 1 - Related articles - Cached - Get it from MIT Libraries - All 4 versions

The great escape? A quantitative evaluation of the Fed's Liquidity Facilities

[PDF] from newyorkfed.org
M Del Negro, G Eggertsson, A Ferrero… - 2011 - papers.ssrn.com
Abstract: We introduce liquidity frictions into an otherwise standard DSGE model with
nominal and real rigidities, explicitly incorporating the zero bound on the short-term nominal
interest rate. Within this framework, we ask: Can a shock to the liquidity of private paper ...
Cited by 1 - Related articles - All 8 versions

15 Liquidity and Asset Prices

N Kiyotaki… - Liquidity and Crises, 2011 - books.google.com
The quantity of liquid assets (broad money) and the value of fixed assets (such as capital
and real estate) fluctuate considerably over the business cycle. Standard asset-pricing
models with a representative agent do not pay much attention to monetary matters, nor are ...
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Credit Cycles-(Now published in Journal of Political Economy, vol. 105 (2), April 1997, pp. 211-248.)

N Kiyotaki… - STICERD-Theoretical Economics Paper …, 1995 - ideas.repec.org
This paper is a theoretical study into how credit constraints intereact with aggregate
economic activity over the business cycle. We construct a model of a dynamic economy in
which lenders cannot force borrowers to repay their debts unless the debts are secured. In ...
Cached - All 4 versions

We encourage you to register at your earliest convenience. Partial subsidy is available for travel and local expenses of young economists submitting a paper for a …

Full text - MIT Libraries
D Abreu, A Banerjee, MK Brunnermeier… - …, 2009 - Wiley Online Library
The Annual Meetings of these two academic associations will be run in parallel, under a
single local organization. By registering for LAMES 2009, participants will be welcome to
attend to all sessions of both meetings. Andrés Neumeyer (UTDT) is the conference ...

[CITATION] Lee, JC, 231

RE Englc, E Fernandez-Arias… - … and integration in …, 1996 - University Of Chicago Press

[PDF] Dynamics of Firms and Trade in General Equilibrium (very preliminary)

[PDF] from princeton.edu
R Dekle, H Jeong… - 2012 - princeton.edu
Abstract This paper develops a dynamic general equilibrium model that tries to reconcile the
observation that aggregate movements of exports and imports are VdisconnectedV from real
exchange rate movements, while firm&level exports co&move significantly with the real ...
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[CITATION] Capital Flows and Asset Prices

C Benigno… - NBER International Seminar on …, 2009 - Univ of Chicago Pr
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[CITATION] Search for a Theory of Money (Now published as A Search-Theoretic Approach to Monetary Economics in The American Economic Review, vol. 83, No. 1, …

N Kiyotaki… - STICERD-Theoretical Economics …, 1990 - econpapers.repec.org
Search for a Theory of Money (Now published as A Search-Theoretic Approach to Monetary
Economics in The American Economic Review, vol.83, No.1, (March 1993), pp.63-77.) ... There
are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
Cached - All 4 versions

DP7953 Winners and Losers in Housing Markets

N Kiyotaki, A Michaelides… - 2010 - cepr.org
This paper is a quantitatively-oriented theoretical study into the interaction between housing
prices, aggregate production, and household behavior over a lifetime. We develop a life-
cycle model of a production economy in which land and capital are used to build ...
Cached - All 3 versions

[PDF] A Perspective on Modern Business Cycle Theory

[PDF] from richmondfed.org
N Kiyotaki - richmondfed.org
The global financial crisis and recession that started in 2007 with the surge of defaults of US
subprime mortgages is having a large impact on recent macroeconomic research. The
framework of modern macroeconomics that has replaced traditional Keynesian economics ...
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[PDF] Winners and Losers in House Markets

[PDF] from centralbank.gov.cy
N Kiyotaki, A Michaelides… - Working Papers, 2010 - centralbank.gov.cy
Abstract This paper is a quantitatively-oriented theoretical study of the interaction between
housing prices, aggregate production, and household behavior over a lifetime. We develop
a lifecycle model of a production economy in which land and capital are used to build ...
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[PDF] Dynamics of Trade and Heterogeneity in General Equilibrium (very preliminary and incomplete)

[PDF] from aeaweb.org
R Dekle, H Jeong… - 2011 - aeaweb.org
Abstract This paper develops a dynamic general equilibrium model which tries to reconcile
the observation that aggregate movements of exports and imports are VdisconnectedV from
real exchange rate movements, while firm&level exports co&move significantly with the ...
View as HTML

[PDF] A Mechanism Design Approach to Financial Frictions

[PDF] from iea-world.com
N Kiyotaki - 2011 - iea-world.com
In a thought provoking article VCan a VCredit CrunchV Be Effi cient?V Ed$ ward Green and Soo
Nam Oh use a mechanism design approach to present a model of financial intermediation in
which phenomena qualitatively resem$ bling a Vcredit crunchV occur but are effi cient. In ...
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[PDF] Dynamics of Trade and Heterogeneity in General Equilibrium

[PDF] from nber.org
R Dekle, H Jeong… - 2011 - nber.org
Abstract This paper develops a dynamic general equilibrium model that tries to reconcile the
observation that aggregate movements of exports and imports are VdisconnectedV from real
exchange rate movements, while firm&level exports co&move significantly with the real ...
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[CITATION] Financial Intermediation and the Business Cycle

N Kiyotaki, M Gertler - Annual …, 2012 - … Reviews 4139 El Camino Way, PO …
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[PDF] Comment on" Aggregate Implications of Credit Market Imperfections"

[PDF] from nber.org
N Kiyotaki - 2008 - nber.org
What are the implications of borrowing constraint for aggregate pro duction and income
distribution? Kiminori Matsuyama's answer has two aspects. First, concerning the behavior
of an individual producer, the borrowing constraint has a fairly robust prediction? that the ...
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[CITATION] Toward a Theory of International Currency (Now published in Review of Economic Studies 60 (1993), pp. 283-307.)

N Kiyotaki, A Matsui… - … -Theoretical Economics Paper …, 1991 - ideas.repec.org
Toward a Theory of International Currency (Now published in Review of Economic Studies 60
(1993), pp.283-307.) ... No abstract is available for this item. ... To our knowledge, this item is
not available for download. To find whether it is available, there are three options: 1. ...
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DP8087 Adjusting to Capital Account Liberalization

K Aoki, G Benigno… - 2010 - cepr.org
We study theoretically how the adjustment to liberalization of international financial
transaction depends upon the degree of domestic financial development. Using a model
with domestic and international borrowing constraints, we show that, when the domestic ...
Cached - All 3 versions

[PDF] Sebnem Kalemli-Ozcan Associate Professor of Economics University of Houston and NBER August 2007

[PDF] from ku.edu.tr
K Aoki, G Benigno… - 2007 - ku.edu.tr
This paper by Aoki, Benigno, and Kiyotaki (ABK) provides a useful sequel to their influential
2006 paper. Both papers rest on the observation that upon capital account liberalization
countries experience large swings both in the value of fixed assets and in the available ...
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[CITATION] 2002 LAWRENCE R. KLEIN LECTURE LIQUIDITY AND ASSET PRICES

J Moore… - International economic review, 2005 - dialnet.unirioja.es
... 2002 LAWRENCE R. KLEIN LECTURE LIQUIDITY AND ASSET PRICES. Autores: John Moore,
Nobuhiro Kiyotaki; Localización: International economic review , ISSN 0020-6598, Nº. 2, 2005 ,
págs. 317-349. Fundación Dialnet. Acceso de usuarios registrados. ...
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