Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis /

Uncertainty about the riskiness of new financial products was an important factor behind the U.S. credit crisis. We show that a boom-bust cycle in debt, asset prices and consumption characterizes the equilibrium dynamics of a model with a collateral constraint in which agents learn "by observat...

وصف كامل

التفاصيل البيبلوغرافية
المؤلف الرئيسي: Mendoza, Enrique
مؤلفون آخرون: Boz, Emine
التنسيق: دورية
اللغة:English
منشور في: Washington, D.C. : International Monetary Fund, 2010.
سلاسل:IMF Working Papers; Working Paper ; No. 2010/164
الوصول للمادة أونلاين:Full text available on IMF