Liquidity Constrained Markets Versus Debt Constrained Markets

DOI10.1111/1468-0262.00206MaRDI QIDQ4531011zbMATH OpenOpenAlexFDO

Authors Timothy J. Kehoe, David K. Levine

Publication date 28 May 2002

Published in Econometrica (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1111/1468-0262.00206

zbMATH Keywords

contract enforcementdebt constraintsincomplete marketsliquidity constraints

Mathematics Subject Classification ID

Auctions, bargaining, bidding and selling, and other market models (91B26)

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Cited in

(28)

• Consumption and the credit market
• Non-existence of recursive equilibria on compact state spaces when markets are incomplete.
• Optimal bankruptcy code: a fresh start for some
• Public versus private provision of liquidity: is there a trade-off?
• Competitive equilibria with limited enforcement
• Lotteries, sunspots, and incentive constraints
• Migration, remittances and accumulation of human capital with endogenous debt constraints
• Risk sharing contracts with private information and one-sided commitment
• Asset shortages, liquidity and speculative bubbles
• Endogenous debt constraints in collateralized economies with default penalties
• Incomplete markets, liquidation risk, and the term structure of interest rates
• Asset price fluctuations without aggregate shocks
• Endogenous debt constraints in a life-cycle model with an application to social security
• Robust bubbles with mild penalties for default
• Consumer default with complete markets: default-based pricing and finite punishment
• Optimal development policies with financial frictions
• Interest rates and default in unsecured loan markets
• Public versus private risk sharing
• Incomplete markets and the output-inflation tradeoff
• Outside versus inside bonds: a Modigliani-Miller type result for liquidity constrained economies
• Credit and inflation under borrower's lack of commitment
• Asymmetric information in frictional markets for liquidity: collateralized credit vs asset sale
• Risk loving and fat tails in the wealth distribution
• Introduction to the special issue in honor of David K. Levine
• Is dynamic general equilibrium a theory of everything?
• Introduction to financial frictions and debt constraints
• Constrained efficiency without commitment
• Welfare implications of endogenous credit limits with bankruptcy

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