Keiichiro, KOBAYASHI; Kengo, NUTAHARA - Research Institute of Economy, Trade and Industry (RIETI) - 2007
Kobayashi, Nakajima, and Inaba (2007) show that in the neoclassical business cycle models with collateral constraints, a boom can be generated in response to an optimistic change in expectations on the future state of the economy. They call this business cycle a news-driven cycle. In their...