Overborrowing and Systemic Externalities in the Business Cycle Bianchi, Javier

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Bianchi, Javier
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Federal Reserve Bank of Atlanta, Working Paper Series
Debt management -- Research; Business cycles -- Forecasts and trends; Externalities (Economics) -- Forecasts and trends
Academic; Trade
Working Paper 2009-24 September 2009 Abstract: Credit constraints that link a private agent's debt to market-determined prices embody a credit externality that drives a wedge between comp ...
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