Replication data for: Amplification and Asymmetric Effects without Collateral Constraints
Principal Investigator(s): View help for Principal Investigator(s) Dan Cao; Guangyu Nie
Version: View help for Version V1
Name | File Type | Size | Last Modified |
---|---|---|---|
dataset | 10/12/2019 08:07:PM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/12/2019 04:07:PM |
Project Citation:
Cao, Dan, and Nie, Guangyu. Replication data for: Amplification and Asymmetric Effects without Collateral Constraints. Nashville, TN: American Economic Association [publisher], 2017. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114126V1
Project Description
Summary:
View help for Summary
The seminal contribution by Kiyotaki and Moore (1997) has spurred a vast literature on the importance of collateral constraints in propagating and amplifying shocks to the economy. However, most papers in the literature using collateral constraints assume non-state-contingent debt, i.e., markets are incomplete. To assess the relative importance of collateral constraints versus market incompleteness, we study a calibrated incomplete markets model and solve it with and without collateral constraints. We find that market incompleteness by itself plays a quantitatively significant role in the amplified and asymmetric responses of the economy, including land price and output, to exogenous shocks.
Scope of Project
JEL Classification:
View help for JEL Classification
D52 Incomplete Markets
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
L26 Entrepreneurship
O41 One, Two, and Multisector Growth Models
D52 Incomplete Markets
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
L26 Entrepreneurship
O41 One, Two, and Multisector Growth Models
Related Publications
Published Versions
Report a Problem
Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.
This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.