augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the … higher growth. Our analysis accommodates costly signaling for gaining credibility and also assigns a novel role to spending …

economic crises during the 1990s. We find that the severity of crisis has had a positive impact on the subsequent pace of … economic reform, economic growth and, with a delay, on investment and institutional change. Episode of high inflation, moreover …

Agent-Based Model with Capital and Credit (hereafter CC-MABM). The novelty of this model with respect to the previous …

During the recent financial crisis, euro area firms, and especially Small and Medium-sized Enterprises, have been … financing crunch was broadly based across firms but those firms who really experienced a credit crunch tended to be small and … young, confirming the fact that SMEs tend to suffer more when credit standards are tightened. …

The distributional consequences of the recent economic crisis are still broadly unknown. While it is possible to …

automatic stabilizer in the current economic crisis. We find that automatic stabilizers absorb 38 per cent of a proportional …

We assess the credit market impact of allowing mortgage “strip-down” as a foreclosure-prevention measure, where strip …