Overborrowing and Systemic Externalities in the Business Cycle under Imperfect Information
SSRN, ISSN: 1556-5068
2020
- 1,389Usage
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
We relax the perfect information assumption in a small open economy with collateral constraints. Under such a condition, households observe income growth but do not perceive whether the underlying shocks are permanent or transitory. Further, the likelihood and severity of financial crises are increased by the interaction between the information friction and a pecuniary externality that emerges when households use an asset valued at market prices as collateral. Due to a more significant welfare loss, the optimal tax to restore constrained efficiency is six times larger than under perfect information.
Bibliographic Details
http://www.scopus.com/inward/record.url?partnerID=HzOxMe3b&scp=85109947902&origin=inward; http://dx.doi.org/10.2139/ssrn.3597734; https://www.ssrn.com/abstract=3597734; https://dx.doi.org/10.2139/ssrn.3597734; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3597734; https://ssrn.com/abstract=3597734
Elsevier BV
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