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Replication data for: Amplification and Asymmetric Effects without Collateral Constraints

Version
V0
Resource Type
Dataset
Creator
  • Cao, Dan
  • Nie, Guangyu
Publication Date
2017-01-06
Description
  • Abstract

    The seminal contribution by Kiyotaki and Moore (1997) has spurred a vast literature on the importance of collateral constraints in propagating and amplifying shocks to the economy. However, most papers in the literature using collateral constraints assume non-state-contingent debt, i.e., markets are incomplete. To assess the relative importance of collateral constraints versus market incompleteness, we study a calibrated incomplete markets model and solve it with and without collateral constraints. We find that market incompleteness by itself plays a quantitatively significant role in the amplified and asymmetric responses of the economy, including land price and output, to exogenous shocks.
Availability
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Relations
  • Is supplemented by
    DOI: 10.1257/mac.20150219 (Text)
Publications
  • Cao, Dan, and Guangyu Nie. “Amplification and Asymmetric Effects without Collateral Constraints.” American Economic Journal: Macroeconomics 9, no. 3 (July 2017): 222–66. https://doi.org/10.1257/mac.20150219.
    • ID: 10.1257/mac.20150219 (DOI)

Update Metadata: 2019-10-13 | Issue Number: 1 | Registration Date: 2019-10-13

Cao, Dan; Nie, Guangyu (2017): Replication data for: Amplification and Asymmetric Effects without Collateral Constraints. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. http://doi.org/10.3886/E114126