equilibrium portfolios and asset prices. When the constraints do not bind, productivity shocks cause standard real …

portfolios and asset prices. When the constraints do not bind, productivity shocks cause standard real-business-cycle effects …

framework starts by discerning driving forces set in motion by the initial shock. These are higher discounts applied by decision … productivity growth, higher markups in product markets, and spending declines resulting from tighter lending standards at financial … institutions. The next step is to study how driving forces influence general equilibrium, both at the time of the initial shock and …

framework starts by discerning driving forces set in motion by the initial shock. These are higher discounts applied by decision … productivity growth, higher markups in product markets, and spending declines resulting from tighter lending standards at financial … institutions. The next step is to study how driving forces influence general equilibrium, both at the time of the initial shock and …