Munich Personal RePEc Archive

Stato del Credito, Effetto Cash-flow ed Instabilità

SAU, Lino (2001): Stato del Credito, Effetto Cash-flow ed Instabilità.


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The paper show how changes in the state of credit may cause instability in the output and in the employment levels. The model revised Delli Gatti and Gallegati's version of the contribution by Greenwald and Stiglitz (1993) in a contest characterized by imperfect competition in the goods market and asymmetric information, both ex-ante and ex-post, in the credit market. The financial constraints in credit market an the pro-cyclical mark-up in goods market can account for overlending boom phenomena and debt-deflation effects.

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