{"id":"https://openalex.org/W2901499413","doi":"https://doi.org/10.24148/wp2009-28","title":"Do Credit Constraints Amplify Macroeconomic Fluctuations?","display_name":"Do Credit Constraints Amplify Macroeconomic Fluctuations?","publication_year":2009,"publication_date":"2009-12-01","ids":{"openalex":"https://openalex.org/W2901499413","doi":"https://doi.org/10.24148/wp2009-28","mag":"2901499413"},"language":"en","primary_location":{"id":"doi:10.24148/wp2009-28","doi":"https://doi.org/10.24148/wp2009-28","is_oa":true,"landing_page_url":"https://doi.org/10.24148/wp2009-28","pdf_url":"http://www.frbsf.org/economic-research/files/wp09-28bk.pdf","source":{"id":"https://openalex.org/S4306510381","display_name":"Federal Reserve Bank of San Francisco, Working Paper Series","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Federal Reserve Bank of San Francisco, Working Paper Series","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"http://www.frbsf.org/economic-research/files/wp09-28bk.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":null,"display_name":"Federal Reserve Bank of San Francisco","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I103635307","display_name":"University of California, Riverside","ror":"https://ror.org/03nawhv43","country_code":"US","type":"education","lineage":["https://openalex.org/I103635307"]},{"id":"https://openalex.org/I119878761","display_name":"Federal Reserve Bank of Atlanta","ror":"https://ror.org/05qg1tz58","country_code":"US","type":"other","lineage":["https://openalex.org/I119878761","https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I161318765","display_name":"University of California, Los Angeles","ror":"https://ror.org/046rm7j60","country_code":"US","type":"education","lineage":["https://openalex.org/I161318765"]},{"id":"https://openalex.org/I184565670","display_name":"Georgetown University","ror":"https://ror.org/05vzafd60","country_code":"US","type":"education","lineage":["https://openalex.org/I184565670"]},{"id":"https://openalex.org/I185103710","display_name":"University of California, Santa Cruz","ror":"https://ror.org/03s65by71","country_code":"US","type":"education","lineage":["https://openalex.org/I185103710"]},{"id":"https://openalex.org/I84218800","display_name":"University of California, Davis","ror":"https://ror.org/05rrcem69","country_code":"US","type":"education","lineage":["https://openalex.org/I84218800"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Federal Reserve Bank of San Francisco","raw_affiliation_strings":["Federal Reserve Banks of Atlanta and San Francisco, the 2009 NBER Summer Workshop on Impulse and Propagation Mechanisms,","UC Santa Cruz, UC Davis,","Univer-sity of Pennsylvania, University of Wisconsin, Georgetown University, UCLA, UCSD, UC Riverside,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Federal Reserve Banks of Atlanta and San Francisco, the 2009 NBER Summer Workshop on Impulse and Propagation Mechanisms,","institution_ids":["https://openalex.org/I119878761","https://openalex.org/I1317239608"]},{"raw_affiliation_string":"UC Santa Cruz, UC Davis,","institution_ids":["https://openalex.org/I185103710","https://openalex.org/I84218800"]},{"raw_affiliation_string":"Univer-sity of Pennsylvania, University of Wisconsin, Georgetown University, UCLA, UCSD, UC Riverside,","institution_ids":["https://openalex.org/I103635307","https://openalex.org/I161318765","https://openalex.org/I184565670"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5100423697","display_name":"Zheng Liu","orcid":"https://orcid.org/0000-0002-7241-3483","observed_orcids":["https://orcid.org/0000-0002-7241-3483","https://orcid.org/0000-0003-2073-0898","https://orcid.org/0009-0007-2812-4485","https://orcid.org/0000-0002-0029-3005"]},"institutions":[{"id":"https://openalex.org/I103635307","display_name":"University of California, Riverside","ror":"https://ror.org/03nawhv43","country_code":"US","type":"education","lineage":["https://openalex.org/I103635307"]},{"id":"https://openalex.org/I119878761","display_name":"Federal Reserve Bank of Atlanta","ror":"https://ror.org/05qg1tz58","country_code":"US","type":"other","lineage":["https://openalex.org/I119878761","https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I161318765","display_name":"University of California, Los Angeles","ror":"https://ror.org/046rm7j60","country_code":"US","type":"education","lineage":["https://openalex.org/I161318765"]},{"id":"https://openalex.org/I184565670","display_name":"Georgetown University","ror":"https://ror.org/05vzafd60","country_code":"US","type":"education","lineage":["https://openalex.org/I184565670"]},{"id":"https://openalex.org/I185103710","display_name":"University of California, Santa Cruz","ror":"https://ror.org/03s65by71","country_code":"US","type":"education","lineage":["https://openalex.org/I185103710"]},{"id":"https://openalex.org/I84218800","display_name":"University of California, Davis","ror":"https://ror.org/05rrcem69","country_code":"US","type":"education","lineage":["https://openalex.org/I84218800"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Zheng Liu","raw_affiliation_strings":["San Francisco , the 2009","Federal Reserve Banks of Atlanta and San Francisco, the 2009 NBER Summer Workshop on Impulse and Propagation Mechanisms,","UC Santa Cruz, UC Davis,","Univer-sity of Pennsylvania, University of Wisconsin, Georgetown University, UCLA, UCSD, UC Riverside,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"San Francisco , the 2009","institution_ids":[]},{"raw_affiliation_string":"Federal Reserve Banks of Atlanta and San Francisco, the 2009 NBER Summer Workshop on Impulse and Propagation Mechanisms,","institution_ids":["https://openalex.org/I119878761","https://openalex.org/I1317239608"]},{"raw_affiliation_string":"UC Santa Cruz, UC Davis,","institution_ids":["https://openalex.org/I185103710","https://openalex.org/I84218800"]},{"raw_affiliation_string":"Univer-sity of Pennsylvania, University of Wisconsin, Georgetown University, UCLA, UCSD, UC Riverside,","institution_ids":["https://openalex.org/I103635307","https://openalex.org/I161318765","https://openalex.org/I184565670"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5100399571","display_name":"Pengfei Wang Z","orcid":"https://orcid.org/0000-0002-8686-4787","observed_orcids":["https://orcid.org/0000-0002-8686-4787","https://orcid.org/0000-0002-1476-4330"]},"institutions":[{"id":"https://openalex.org/I103635307","display_name":"University of California, Riverside","ror":"https://ror.org/03nawhv43","country_code":"US","type":"education","lineage":["https://openalex.org/I103635307"]},{"id":"https://openalex.org/I119878761","display_name":"Federal Reserve Bank of Atlanta","ror":"https://ror.org/05qg1tz58","country_code":"US","type":"other","lineage":["https://openalex.org/I119878761","https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I161318765","display_name":"University of California, Los Angeles","ror":"https://ror.org/046rm7j60","country_code":"US","type":"education","lineage":["https://openalex.org/I161318765"]},{"id":"https://openalex.org/I184565670","display_name":"Georgetown University","ror":"https://ror.org/05vzafd60","country_code":"US","type":"education","lineage":["https://openalex.org/I184565670"]},{"id":"https://openalex.org/I185103710","display_name":"University of California, Santa Cruz","ror":"https://ror.org/03s65by71","country_code":"US","type":"education","lineage":["https://openalex.org/I185103710"]},{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]},{"id":"https://openalex.org/I84218800","display_name":"University of California, Davis","ror":"https://ror.org/05rrcem69","country_code":"US","type":"education","lineage":["https://openalex.org/I84218800"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Pengfei Wang","raw_affiliation_strings":["Univer-sity of Pennsylvania, University of Wisconsin, Georgetown University, UCLA, UCSD, UC Riverside,","Federal Reserve Banks of Atlanta and San Francisco, the 2009 NBER Summer Workshop on Impulse and Propagation Mechanisms,","UC Santa Cruz, UC Davis,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Univer-sity of Pennsylvania, University of Wisconsin, Georgetown University, UCLA, UCSD, UC Riverside,","institution_ids":["https://openalex.org/I103635307","https://openalex.org/I161318765","https://openalex.org/I184565670","https://openalex.org/I79576946"]},{"raw_affiliation_string":"Federal Reserve Banks of Atlanta and San Francisco, the 2009 NBER Summer Workshop on Impulse and Propagation Mechanisms,","institution_ids":["https://openalex.org/I119878761","https://openalex.org/I1317239608"]},{"raw_affiliation_string":"UC Santa Cruz, UC Davis,","institution_ids":["https://openalex.org/I185103710","https://openalex.org/I84218800"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5102989389","display_name":"Tao A. Zha","orcid":"https://orcid.org/0000-0001-5764-5131","observed_orcids":["https://orcid.org/0000-0001-5764-5131","https://orcid.org/0000-0002-5309-5379"]},"institutions":[{"id":"https://openalex.org/I103635307","display_name":"University of California, Riverside","ror":"https://ror.org/03nawhv43","country_code":"US","type":"education","lineage":["https://openalex.org/I103635307"]},{"id":"https://openalex.org/I161318765","display_name":"University of California, Los Angeles","ror":"https://ror.org/046rm7j60","country_code":"US","type":"education","lineage":["https://openalex.org/I161318765"]},{"id":"https://openalex.org/I184565670","display_name":"Georgetown University","ror":"https://ror.org/05vzafd60","country_code":"US","type":"education","lineage":["https://openalex.org/I184565670"]},{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Tao Zha","raw_affiliation_strings":["Univer- sity of Pennsylvania , University of Wisconsin , Georgetown University , UCLA , UCSD , UC Riverside ,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Univer- sity of Pennsylvania , University of Wisconsin , Georgetown University , UCLA , UCSD , UC Riverside ,","institution_ids":["https://openalex.org/I103635307","https://openalex.org/I161318765","https://openalex.org/I184565670","https://openalex.org/I79576946"]}]},{"author_position":"last","author":{"id":null,"display_name":"Federal Reserve Bank of Atlanta","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Federal Reserve Bank of Atlanta","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":8,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":6.472,"has_fulltext":true,"cited_by_count":16,"citation_normalized_percentile":{"value":0.96479873,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":null,"issue":null,"first_page":"1.000","last_page":"40.000"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.6973000168800354,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.6973000168800354,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.24959999322891235,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.020500000566244125,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/credit-constraints","display_name":"credit constraints","score":1.0},{"id":"https://openalex.org/keywords/financial-frictions","display_name":"financial frictions","score":0.9409999847412109},{"id":"https://openalex.org/keywords/business-cycles","display_name":"business cycles","score":0.9610000252723694},{"id":"https://openalex.org/keywords/housing-prices","display_name":"housing prices","score":0.9120000004768372},{"id":"https://openalex.org/keywords/corporate-investment","display_name":"corporate investment","score":0.9929999709129333},{"id":"https://openalex.org/keywords/dsge-model","display_name":"DSGE model","score":0.8370000123977661},{"id":"https://openalex.org/keywords/business-cycle-amplification","display_name":"business cycle amplification","score":0.4659999907016754},{"id":"https://openalex.org/keywords/business-cycle-propagation","display_name":"business cycle propagation","score":0.4959999918937683}],"concepts":[{"id":"https://openalex.org/C489367","wikidata":"https://www.wikidata.org/wiki/Q1962064","display_name":"Dynamic stochastic general equilibrium","level":3,"score":0.794472336769104},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.786756157875061},{"id":"https://openalex.org/C2777910564","wikidata":"https://www.wikidata.org/wiki/Q694563","display_name":"Collateral","level":2,"score":0.7417043447494507},{"id":"https://openalex.org/C83873408","wikidata":"https://www.wikidata.org/wiki/Q192311","display_name":"Business cycle","level":2,"score":0.6802892088890076},{"id":"https://openalex.org/C89611455","wikidata":"https://www.wikidata.org/wiki/Q6804646","display_name":"Mechanism (biology)","level":2,"score":0.5899274945259094},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5860151052474976},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5444841980934143},{"id":"https://openalex.org/C2778055162","wikidata":"https://www.wikidata.org/wiki/Q5449686","display_name":"Financial accelerator","level":4,"score":0.5140746831893921},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3684068024158478},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.31847479939460754},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.28780341148376465},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2586078643798828},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.24148/wp2009-28","doi":"https://doi.org/10.24148/wp2009-28","is_oa":true,"landing_page_url":"https://doi.org/10.24148/wp2009-28","pdf_url":"http://www.frbsf.org/economic-research/files/wp09-28bk.pdf","source":{"id":"https://openalex.org/S4306510381","display_name":"Federal Reserve Bank of San Francisco, Working Paper Series","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Federal Reserve Bank of San Francisco, Working Paper Series","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.24148/wp2009-28","doi":"https://doi.org/10.24148/wp2009-28","is_oa":true,"landing_page_url":"https://doi.org/10.24148/wp2009-28","pdf_url":"http://www.frbsf.org/economic-research/files/wp09-28bk.pdf","source":{"id":"https://openalex.org/S4306510381","display_name":"Federal Reserve Bank of San Francisco, Working Paper Series","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Federal Reserve Bank of San Francisco, Working Paper Series","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.44999998807907104,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2901499413.pdf","grobid_xml":"https://content.openalex.org/works/W2901499413.grobid-xml"},"referenced_works_count":77,"referenced_works":["https://openalex.org/W74322121","https://openalex.org/W1495009347","https://openalex.org/W1498484572","https://openalex.org/W1508198902","https://openalex.org/W1518940614","https://openalex.org/W1522318723","https://openalex.org/W1570683536","https://openalex.org/W1574786337","https://openalex.org/W1916531183","https://openalex.org/W1968264276","https://openalex.org/W1970722589","https://openalex.org/W1975595480","https://openalex.org/W1977227840","https://openalex.org/W1981162738","https://openalex.org/W1985130276","https://openalex.org/W1993975514","https://openalex.org/W2011224622","https://openalex.org/W2013349778","https://openalex.org/W2023574318","https://openalex.org/W2029072467","https://openalex.org/W2030691535","https://openalex.org/W2044492051","https://openalex.org/W2058172443","https://openalex.org/W2062803890","https://openalex.org/W2077487325","https://openalex.org/W2096136442","https://openalex.org/W2098660731","https://openalex.org/W2101957784","https://openalex.org/W2105268279","https://openalex.org/W2110513633","https://openalex.org/W2114576235","https://openalex.org/W2121410772","https://openalex.org/W2122270438","https://openalex.org/W2122445802","https://openalex.org/W2124532652","https://openalex.org/W2132448732","https://openalex.org/W2133432762","https://openalex.org/W2134741939","https://openalex.org/W2134854408","https://openalex.org/W2135058748","https://openalex.org/W2138819190","https://openalex.org/W2138992063","https://openalex.org/W2140281938","https://openalex.org/W2147560556","https://openalex.org/W2148911788","https://openalex.org/W2152176018","https://openalex.org/W2158517350","https://openalex.org/W2158704300","https://openalex.org/W2162695720","https://openalex.org/W2168446738","https://openalex.org/W2170168290","https://openalex.org/W2170632942","https://openalex.org/W2264748064","https://openalex.org/W2299291900","https://openalex.org/W2796635882","https://openalex.org/W2912248305","https://openalex.org/W3021756199","https://openalex.org/W3121227072","https://openalex.org/W3121236665","https://openalex.org/W3121300084","https://openalex.org/W3121900164","https://openalex.org/W3122247972","https://openalex.org/W3122454203","https://openalex.org/W3123122365","https://openalex.org/W3123399963","https://openalex.org/W3123712895","https://openalex.org/W3123970111","https://openalex.org/W3124325407","https://openalex.org/W3124923994","https://openalex.org/W3124942290","https://openalex.org/W3125796400","https://openalex.org/W3125996309","https://openalex.org/W4236584637","https://openalex.org/W4299562351","https://openalex.org/W4301831733","https://openalex.org/W4320801084","https://openalex.org/W6680047463"],"related_works":["https://openalex.org/W7101231237","https://openalex.org/W7101025035","https://openalex.org/W7095655841","https://openalex.org/W135052477","https://openalex.org/W7112408778","https://openalex.org/W3122988208","https://openalex.org/W7099624069","https://openalex.org/W1479711179","https://openalex.org/W7097313878","https://openalex.org/W1495009347"],"abstract_inverted_index":{"Previous":[0],"studies":[1],"on":[2],"financial":[3],"frictions":[4],"have":[5],"been":[6],"unable":[7],"to":[8,36,77,89],"establish":[9],"the":[10,23,31,38,67],"empirical":[11],"significance":[12],"of":[13,26,33,82],"credit":[14,27,103],"constraints":[15,28],"in":[16],"macroeconomic":[17,100],"fluctuations.":[18],"This":[19],"paper":[20],"argues":[21],"that":[22,65,96],"muted":[24],"impact":[25],"stems":[29],"from":[30],"absence":[32],"a":[34,51,59],"mechanism":[35,52,95],"explain":[37],"observed":[39],"persistent":[40],"comovements":[41],"between":[42],"housing":[43],"prices":[44],"and":[45,72,98],"business":[46],"investment.":[47],"We":[48],"develop":[49],"such":[50],"by":[53],"incorporating":[54],"two":[55,84],"key":[56],"features":[57,85],"into":[58],"DSGE":[60],"model:":[61],"we":[62,73],"identify":[63],"shocks":[64],"shift":[66],"demand":[68],"for":[69],"collateral":[70],"assets":[71],"allow":[74],"productive":[75],"agents":[76],"be":[78],"credit-constrained.":[79],"A":[80],"combination":[81],"these":[83],"enables":[86],"our":[87],"model":[88],"successfully":[90],"generate":[91],"an":[92],"empirically":[93],"important":[94],"amplifies":[97],"propagates":[99],"fluctuations":[101],"through":[102],"constraints.":[104]},"counts_by_year":[{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2018-11-29T00:00:00"}
