Credit Market and Monetary Policy: A Possible Source of Fluctuations and Financial Crisis [El sistema crediticio, la política monetaria y un posible origen de ciclos y crisis financieras]

The credit market has played an important role in the recent financial crisis and recession of the U. S. economy. Looking for an explanation about it we built and used a macroeconomic model with a credit market to describe a GDP cycle and a rise and decline of the collateralized asset price related to banking and monetary policies. This paper presents the model and several simulations from it to assess the roles of each one.

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