by Pedro Bordalo, Nicola Gennaioli, <strong>Andrei Shleifer</strong>, and Stephen J. Terry - Publications - Faculty & Research

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09 Mar 2021
Working Paper Summaries

Real Credit Cycles

Keywords: by Pedro Bordalo, Nicola Gennaioli, Andrei Shleifer, and Stephen J. Terry

2021
Working Paper

Real Credit Cycles

By: Pedro Bordalo, Nicola Gennaioli, Andrei Shleifer and Stephen J. Terry

We incorporate diagnostic expectations, a psychologically founded model of overreaction to news, into a workhorse business cycle model with heterogeneous firms and risky debt. A realistic degree of diagnosticity, estimated from the forecast errors of managers of U.S.... View Details

Keywords: Econometric Models; Business Cycles; Credit

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