HETEROGENEITY AND REDISTRIBUTION IN FINANCIAL CRISES

This paper presents a simple model of an economy with heterogeneous agents to show that the redistribution of wealth among such agents can play a significant role in the propagation mechanism of financial crises. In an economy where firms with heterogeneous productivity operate under borrowing const...

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Veröffentlicht in:	Macroeconomic dynamics 2016-09, Vol.20 (6), p.1527-1549
Hauptverfasser:	Kobayashi, Keiichiro, Shirai, Daichi
Format:	Artikel
Sprache:	eng
Schlagworte:	Borrowing Business cycles Consumption Economic crisis Economic theory Income distribution Liquidity Macroeconomics Productivity Propagation Recessions Studies
Online-Zugang:	Volltext
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