Leverage constraints and real interest rates

This paper investigates the macroeconomic dynamics of consumption and real interest rates when there are constraints on debt finance, used both for insurance against income shocks and transferability of resources over time. We amend a standard continuous-time deterministic model, with patient and im...

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Bibliographic Details
Main Authors: Jukka Isohaetaelae, Feodor Kusmartsev, Alistair Milne, Donald Robertson
Format: Default Article
Published: 2015
Subjects:
Other commerce, management, tourism and services not elsewhere classified
Borrowing constraints
Debt management
Incomplete financial markets
International macroeconomics
Finance and macroeconomics
Leverage cycles
Macroeconomic propagation
Precautionary saving
Secular stagnation
Systemic risk
Business and Management not elsewhere classified
Online Access:https://hdl.handle.net/2134/20546
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