Imperfections in the credit market can hamper the flow of factors from less productive to more
productive firms and result in a lower aggregate total factor productivity (TFP). Depth of such …

This paper investigates both cross-sectional asymmetry (related to bank-specific
characteristics like size and liquidity) and asymmetries overtime (potentially related to the …

Using a Bayesian threshold vector autoregression model for the US economy, this paper
tests whether nonlinear dynamics can arise from the endogenous interactions between …

We consider an overlapping generations economy where capital is produced from bank
loans under stochastic constant returns to scale, and subject to idiosyncratic shocks whose …

We analyze a financial collapse, such as the one which occurred during the Great
Depression, from the perspective of a monetary model with multiple equilibria. The economy …

Periods of economic boom with rapid credit and GDP growth can be followed by sudden
busts. In the presence of financial market imperfections, a simple modification of a …

This paper investigates whether the impact of capital account convertibility on the long term
volatility of economic growth depends on financial development. It estimates a system of …

This paper applies a life-cycle model with individual income uncertainty to investigate the
determinants of credit to households. We show that the value of household credit to GDP …

It has been widely recognized that asymmetric information affects investment, and
investment is of course in turn important to economic growth. Knowledge of the mechanisms …

We introduce a banking sector and heterogeneous agents in the Matsuyama et al.(2016)
dynamic over-lapping generations neoclassical model with good and bad projects. The …