Yuan, Mingwei; Zimmermann, Christian - Centre de Recherche sur l'Emploi et les Fluctuations … - 1999
endogenous occupational choice to study a credit crunch. The investment decision is determined through the occupational choice of … lifetime. Consistent with empirical evidence, the origin of a credit crunch may be found in the conservative lending policies … literature. Monetary policy is shown to be largely ineffective in alleviating the credit crunch, while flexible loan regulation …