CONSTRAINTS ON CREDIT, CONSUMER BEHAVIOUR AND THE DYNAMICS OF WEALTH

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Orlando Costa Gomes

Abstract

This paper develops a simple macroeconomic model where the pattern of wealth accumulation is determined by a credit multiplier and the way households react to short-term fluctuations. Given this setup, long term wealth dynamics are eventually characterized by the presence of endogenous cycles.
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Keywords

credit constraints, financial development, consumer confidence, endogenous business cycles, nonlinear dynamics

JEL Classification

O41, E32, C61

Issue
Vol 54 No 182 (2009)
Section
Articles

How to Cite

Costa Gomes, O. (2009). CONSTRAINTS ON CREDIT, CONSUMER BEHAVIOUR AND THE DYNAMICS OF WEALTH. Economic Annals, 54(182), 119-132. https://doi.org/10.2298/EKA0982119G

How to Cite

Costa Gomes, O. (2009). CONSTRAINTS ON CREDIT, CONSUMER BEHAVIOUR AND THE DYNAMICS OF WEALTH. Economic Annals, 54(182), 119-132. https://doi.org/10.2298/EKA0982119G