- Learning in a credit economy
- Number of pages
- Manchester: University of Manchester
- Centre for Growth & Business Cycle Research discussion paper series
- Volume | Edition (Serie)
- Document type
- Working paper
- Faculty of Economics and Business (FEB)
- Amsterdam School of Economics Research Institute (ASE-RI)
- In this work we analyze a credit economy à la Kiyotaki and Moore (JPE, 1997) enriched with learning dynamics. Both borrowers and lenders need to make expectations about the future price of the collateral, and under heterogeneous learning this can have interesting con- sequences for the economy when the possibility of bankruptcy is taken into consideration.
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