Fire Sales and the Financial Accelerator

Fire Sales and the Financial Accelerator
During periods of financial turmoil, increases in risk lead to higher default, foreclosure, and fire sales. This paper introduces a costly liquidation process for foreclosed collateral and endogenous recovery rates in a dynamic stochastic general equilibrium model of the financial accelerator. Consistent with empirical evidence, we find that... READ MORE...

Publication date: June 2010
ISBN 9781455201242
$18.00

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