Borrowing Constraints and Complex Dynamics in an OLG Framework
Overview & Synopsis
In this paper we model an OLG economy à la Kiyotaki and Moore whose novel feature is the role of money as a store of value and of bequest as a source of funds to be "invested" in landholding. The dynamics generated by the model are generally characterized by irregular cyclical trajectories and, under special con.guration of the parameters, a strange attractor appears. In this setting, an expansionary monetary policy may have a stabilizing role due to the interaction between money holding and the accumulation of borrowers' net worth.
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Document Information
| Document Title | Borrowing Constraints and Complex Dynamics in an OLG Framework |
|---|---|
| Author / Organization | Tiziana Assenza, Anna Agliari, Domenico Delli Gatti, Emiliano Santoro |
| Subject & Discipline | Multidisciplinary Academic Open Research |
| Categories | Science & Mathematics |
| Publication Year | 2009 |
| License / Rights | Open Access / Creative Commons |
| Resource Verification | Listed PDF (Verification Pending) |
| Original Host Website |
HAL Open Science
(hal.science)
|
| File Format | application/pdf (Portable Document Format) |
| Language | EN |
| Catalog ID | DOC-230760 |
| Original Source Link | Visit Source Page on hal.science » |