collateral constraint motivated by limited enforcement. Borrowing is secured by collateral in the form of durable goods whose … movements, which exacerbate fluctuations in the wedges induced by the collateral constraint. In this context optimality requires … deviations from price stability and calls for exchange rate stabilization. -- Global imbalances ; collateral constraints …

. Households trade nominal private debt in equilibrium, with the borrowers being subject to a collateral constraint, which is tied …

We decompose aggregate consumption by modelling both savers and their links to collateral constrained borrowers through … proportion to the riskiness of assets, the demand for loans, the asset price and the quantity of housing collateral. We show that …

to “double default events” when the counterparty and the issuer of the underlying collateral asset both default in a … credit risk in central bank's repo portfolios. In the model default times of counterparties and collateral issuers are …