2003
DOI: 10.1016/s0304-4068(03)00045-4
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Equilibrium analysis, banking and financial instability

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Cited by 142 publications
(90 citation statements)
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References 43 publications
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“…Since the Modigliani-Miller proposition does not hold in our model 12 , higher credit extension as a result of loosening monetary policy, or any other shocks, generates positive effects, e.g. a real balance effect, that raises consumption demand and ultimately GDP.…”
Section: Gdpmentioning
confidence: 86%
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“…Since the Modigliani-Miller proposition does not hold in our model 12 , higher credit extension as a result of loosening monetary policy, or any other shocks, generates positive effects, e.g. a real balance effect, that raises consumption demand and ultimately GDP.…”
Section: Gdpmentioning
confidence: 86%
“…Hence, defaults rise. 12 See Goodhart et al (2003) for an extensive discussion. 13 The interest rate formation mechanism is identical to the offer-for-sale mechanism in Dubey and Shubik (1978).…”
Section: Interbank Market Clears)(16)mentioning
confidence: 99%
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“…Their effective (ex post) interest rates have to be suitably adjusted to account for default in their corresponding markets. 12 …”
Section: Interbank Market Clears) (15)mentioning
confidence: 99%
“…Note that this interest rate formation mechanism is well-defined both in, and out of, equilibrium. 12 For more on the method of calculating the ex post interest rates, see Shubik and Tsomocos (1992).…”
Section: Equilibriummentioning
confidence: 99%