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Research literature, 1 records found
Research literature 1 records found  
49 p, 1.1 MB Breaking the spell with credit-easing : self-confirming credit crises in competitive search economies / Gaballo, Gaetano ; Marimon, Ramon
We show that credit crises can be Self-Confirming Equilibria (SCE), which provides a new rationale for policy interventions like, for example, the FRB’s TALF credit-easing program in 2009. We introduce SCE in competitive credit markets with directed search. [...]
2016 (Ademus Working Paper Series ; 1)  

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