We study a model with heterogeneous producers that face collateral and cash in advance constraints. These two frictions give rise to a non-trivial financial market in a monetary economy. A tightening of the collateral constraint results in a credit-crunch generated recession. The model can...

We study a model with heterogeneous producers that face collateral and cash in advance constraints. These two frictions give rise to a non-trivial financial market in a monetary economy. A tightening of the collateral constraint results in a credit-crunch generated recession. The model can...

En este trabajo se trata de entender el alto diferencial entre la tasa activa y la pasiva que se observa en la Argentina, relativo a los paises desarrollados. Se analiza la evolucion de las tasas activas durante el periodo posterior al Plan de Convertibilidad y las caracteristicas de los...