Aggregate Implications of Credit Market Imperfections

Kiminori Matsuyama

NBER Working Paper No. 13209
Issued in July 2007

---- Acknowledgments ----

This paper is prepared for NBER 22nd Annual Conference on Macroeconomics, March 30-31, 2007. It is a highly condensed version of lecture series given at various places (Kyoto, LSE, Northwestern, Toulouse, UCL, and Zurich) over the years, which has slowly evolved into the current form. (Most recent lecture slides are available on my website.) My special thanks go to the graduate students who attended these lectures. This paper benefits greatly from the comments by the editors, the discussants, and other participants at the conference. I thank also those who attended the seminars at Chicago Fed, Paris-I, and Washington University in St. Louis, where a broad outline of this paper was presented. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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