Quantity rationing of credit and the Phillips curve

摘要: Abstract Quantity rationing of credit, when some firms are denied loans, has macroeconomic effects not fully captured by measures borrowing costs. This paper develops a monetary DSGE model with quantity and derives Phillips curve relation where inflation dynamics depend on excess unemployment, risk premium the fraction receiving financing. Excess unemployment is defined as that which arises from disruptions in credit flows. GMM estimates using data survey bank managers confirms importance these variables for dynamics.