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faculty: "FEB" and publication year: "2007"
| Authors||A. Agliari, T. Assenza, D. Delli Gatti, E. Santoro|
|Title||Credit cycles in a OLG economy with money and bequest|
|Title series||CeNDEF Working Paper Universiteit van Amsterdam|
|Faculty||Faculty of Economics and Business|
|Institute/dept.||FEB: Amsterdam School of Economics Research Institute (ASE-RI)|
|Abstract||In the late '90s Kiyotaki and Moore (KM) put forward a new framework (Kiyotaki and Moore,1997) to explore the Financial Accelerator hypothesis. The original model was framed in an Infinitely Lived Agent context (ILA-KM economy). As in KM we develop a dynamic model in which the |
durable asset ("land") is not only an input but also collateralizable wealth to secure lenders from the risk of borrowers' default. In this paper, however, we model an OLG-KM economy whose novel feature is the role of money as a store of value and of bequest as a vehicle of resources to be "invested" in landholding. The dynamics generated by the model are complex. Not only
cyclical patterns are routinely generated but the periodicity and amplitude are irregular. A route to chaotic dynamics is open.
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