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Jel Classification:A10 

Report
Endogenous Leverage and Default in the Laboratory

We study default and endogenous leverage in the laboratory. To this purpose, we develop a general equilibrium model of collateralized borrowing amenable to laboratory implementation and gather experimental data. In the model, leverage is endogenous: agents choose how much to borrow using a risky asset as collateral, and there are no ad hoc collateral constraints. When the risky asset is financial?namely, its payoff does not depend on ownership (such as a bond)? collateral requirements are high and there is no default. In contrast, when the risky asset is nonfinancial?namely, its payoff ...
Staff Reports , Paper 900

Journal Article
The long slog: economic growth following the Great Recession

Financial Insights , Volume 2 , Issue 4 , Pages 1-3

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