Goodhart, Charles; Sunirand, Pojanart; Tsomocos, Dimitrios - In: Economic Theory 27 (2006) 1, pp. 107-142
‘excessive’ risk-taking. Our model is rich enough to include heterogeneous agents, endogenous default, and multiple commodity … phenomenon. Among other results, a non-trivial quantity theory of money is derived, liquidity and default premia co …