@article{d6f645a0d82f11dea1f3000ea68e967b,
title = "Borrowing constraints and complex dynamics in an OLG framework",
abstract = "In this paper we model an OLG economy {\`a} la Kiyotaki and Moore whose novel feature is the role of money as a store of value and of bequest as a source of funds to be {"}invested{"} in landholding. The dynamics generated by the model are generally characterized by irregular cyclical trajectories and, under special configuration of the parameters, a strange attractor appears. In this setting, an expansionary monetary policy may have a stabilizing role due to the interaction between money holding and the accumulation of borrowers' net worth.",
keywords = "Faculty of Social Sciences, credit cycles, monetary policy",
author = "Tiziana Assenza and Anna Agliari and {Delli Gatti}, Domenico and Emiliano Santoro",
note = "JEL classification: E32, E52",
year = "2009",
doi = "10.1016/j.jebo.2009.07.011",
language = "English",
volume = "72",
pages = "656--669",
journal = "Journal of Economic Behavior & Organization",
issn = "0167-2681",
publisher = "Elsevier",
number = "2",
}