Intertemporal equilibria of heterogeneous-agent models with recursive utilities / (1987)
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Interbank Lending, Reserve Requirements and Systemic Risk
Giulia Iori, Saqib Jafarey, Francisco Padilla
We simulate interbank lending. Each bank faces fluctuations in deposits and stochastic investment opportunities which mature with delay. This creates the risk of liquidity shortages. An interbank...
Defining capital in growth models
Michael Gort, Saqib Jafarey, Peter Rupert
This article analyzes the measurement of the capital stock when technological advance is embodied in capital. The source of the problem is that capital is not homogeneous across vintages. Which...
Temporary Tariffs and Capital Market Restrictions
We develop a two-period model with endogenous investment and credit flows. Credit is subject to quantitative restrictions. With an exogenous restriction, we analyze the welfare effects of temporary...
We develop a two-period model with endogenous investment and credit flows. Credit is subject to quantitative restrictions. With an exogenous restriction, we analyze the welfare effects of temporary...