학술저널
Aggregate Output and Price Adjustment with Credit Rationing and Informal Loan Markets
- 서울대학교 경제연구소
- Seoul Journal of Economics
- Seoul Journal of Economics Volume 2 No.1
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1989.0353 - 68 (15 pages)
- 0
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A macroeconomic model of output and price adjustment for a semi-industrialized developing country with informal loan markets is presented and tested. The model is based on the micro-foundations of firm behaviour under monopolistic competition and bank credit rationing. Empirical results for three Latin American countries (Brazil, Colombia, and Peru) provide no support to the "cost push" effect of restrictive monetary policy, as recently emphasized in the literature.
Abstract
Ⅰ. Introduction
Ⅱ. The Theoretical Model
Ⅲ. Specification of the Econometric Model
Ⅳ. Empirical Results
Ⅴ. Conclusions
References
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