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In the short run, credit fluctuates together with income and employment, acting as an amplifier of exogenous shocks to the economy and sometimes as an independent source of fluctuations. In this chapter, we show that the competitive model with credit market imperfections that lead to collateral constraints can provide a theoretical explanation for these phenomena, which generate credit cycles. We examine both exogenous and endogenous credit cycle theories.

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Credit Cycle

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  • 发表日期：

    2025年

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  • Leo Ferraris

摘要

In the short run, credit fluctuates together with income and employment, acting as an amplifier of exogenous shocks to the economy and sometimes as an independent source of fluctuations. In this chapter, we show that the competitive model with credit market imperfections that lead to collateral constraints can provide a theoretical explanation for these phenomena, which generate credit cycles. We examine both exogenous and endogenous credit cycle theories.