The DOI matches its Crossref record.
Credit Cycles
Abstract
We construct a model of a dynamic economy in which lenders cannot force borrowers to repay their debts unless the debts are secured. In such an economy, durable assets play a dual role: not only are they factors of production, but they also serve as collateral for loans. The dynamic interaction between credit limits and asset prices turns out to be a powerful transmission mechanism by which the effects of shocks persist, amplify, and spill over to other sectors. We show that small, temporary shocks to technology or income distribution can generate large, persistent fluctuations in output and asset prices.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
Credit spreads and business cycle fluctuations
Gilchrist, S., & Zakrajšek, E. (2012) · American Economic Review · doi:10.1257/aer.102.4.1692 · Cited by 2,213
Household Balance Sheets, Consumption, and the Economic Slump*
Mian, A., Rao, K., & Sufi, A. (2013) · The Quarterly Journal of Economics · doi:10.1093/qje/qjt020 · Cited by 1,538
Asset Prices, Financial and Monetary Stability: Exploring the Nexus
Borio, C. E. V., & Lowe, P. W. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.846305 · Cited by 1,255
The Collateral Channel: How Real Estate Shocks Affect Corporate Investment
Chaney, T., Sraer, D., & Thesmar, D. (2012) · American Economic Review · doi:10.1257/aer.102.6.2381 · Cited by 977
Chari, V. V., Kehoe, P. J., & McGrattan, E. R. (2007) · Econometrica · doi:10.1111/j.1468-0262.2007.00768.x · Cited by 874
Metadata
- Authors
- Kiyotaki, N., & Moore, J.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1997-04
- Volume
- 105
- Issue
- 2
- Pages
- 211-248
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W4236584637
- Cited by
- 4,694
- References
- 0
- FWCI
- 51.26
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Credit Cycles. https://app.cochat.ai/papers/10.1086/262072
- The paper
- Kiyotaki, N., & Moore, J. (1997). Credit Cycles. Journal of Political Economy. https://doi.org/10.1086/262072
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
