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Stochastic general equilibrium models of small open economies with occasionally binding financial frictions are capable of mimicking both the business cycles and the crisis events associated with the sudden stop in acces...Read more...
Gianluca Benigno, Huigang Chen, Christopher Otrok, Alessandro Rebucci and Eric R. Young
This paper analyzes quantitatively the extent to which there is overborrowing (i.e., inefficient borrowing) in a business cycle model for emerging market economies with production and an occasionally binding credit const...Read more...
Gianluca Benigno, Huigang Chen, Chris Otrok, Alessandro Rebucci and Eric Young