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...
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| Formato: | Periódico |
| Idioma: | English |
| Publicado em: |
Washington, D.C. :
International Monetary Fund,
2010.
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| Colecção: | IMF Working Papers; Working Paper ;
No. 2010/164 |
| Acesso em linha: | Full text available on IMF |