Fire Sales and the Financial Accelerator /
During periods of financial turmoil, increases in risk lead to higher default, foreclosure, and fire sales. This paper introduces a costly liquidation process for foreclosed collateral and endogenous recovery rates in a dynamic stochastic general equilibrium model of the financial accelerator. Consi...
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| Format: | Journal |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2010.
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| Series: | IMF Working Papers; Working Paper ;
No. 2010/141 |
| Online Access: | Full text available on IMF |