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- Kiyotaki–Moore_model abstract "The Kiyotaki–Moore model of credit cycles is an economic model developed by Nobuhiro Kiyotaki and John H. Moore that shows how small shocks to the economy might be amplified by credit restrictions, giving rise to large output fluctuations. The model assumes that borrowers cannot be forced to repay their debts. Therefore, in equilibrium, lending occurs only if it is collateralized. That is, borrowers must own a sufficient quantity of capital that can be confiscated in case they fail to repay. This collateral requirement amplifies business cycle fluctuations because in a recession, the income from capital falls, causing the price of capital to fall, which makes capital less valuable as collateral, which limits firms' investment by forcing them to reduce their borrowing, and thereby worsens the recession.Kiyotaki (a macroeconomist) and Moore (a contract theorist) originally described their model in a 1997 paper in the Journal of Political Economy. Their model has become influential because earlier real business cycle models typically relied on large exogenous shocks to account for fluctuations in aggregate output. The Kiyotaki–Moore model shows instead how relatively small shocks might suffice to explain business cycle fluctuations, if credit markets are imperfect.".
- Kiyotaki–Moore_model wikiPageID "14503276".
- Kiyotaki–Moore_model wikiPageRevisionID "551315988".
- Kiyotaki–Moore_model subject Category:Business_cycle.
- Kiyotaki–Moore_model subject Category:Economic_theories.
- Kiyotaki–Moore_model subject Category:Economics_models.
- Kiyotaki–Moore_model subject Category:New_Keynesian_economics.
- Kiyotaki–Moore_model comment "The Kiyotaki–Moore model of credit cycles is an economic model developed by Nobuhiro Kiyotaki and John H. Moore that shows how small shocks to the economy might be amplified by credit restrictions, giving rise to large output fluctuations. The model assumes that borrowers cannot be forced to repay their debts. Therefore, in equilibrium, lending occurs only if it is collateralized. That is, borrowers must own a sufficient quantity of capital that can be confiscated in case they fail to repay.".
- Kiyotaki–Moore_model label "Kiyotaki–Moore model".
- Kiyotaki–Moore_model sameAs Kiyotaki%E2%80%93Moore_model.
- Kiyotaki–Moore_model sameAs Q6419157.
- Kiyotaki–Moore_model sameAs Q6419157.
- Kiyotaki–Moore_model wasDerivedFrom Kiyotaki–Moore_model?oldid=551315988.