We explore the inter-temporal effects of the pool externalities caused by imperfect screening in competitive credit …

This paper develops a general equilibrium model of international trade with heterogeneous firms and imperfect credit … misallocations of resources that stem from the existence of credit frictions. These have important implications for firms' entry …-constrained firms and imperfect credit markets alters, and in some cases reverses, some of the main results from the literature on …

This paper proposes and tests a theory of credit-driven asset bubbles which are neutral in their real effects. When a … output comes from an unusual regime. -- Bubbles ; fiscal theory of the price level ; collateral constraints ; neutrality …

business cycle model for emerging market economies with production and an occasionally binding credit constraint. The main …