[1] Dong F, Xu Z. Cycles of credit expansion and misallocation: The good, the bad and the ugly[J]. Journal of Economic Theory, 2020, 186: 104994.

https://www.notion.so/jtzhang/Cycles-of-credit-expansion-and-misallocation-The-good-the-bad-and-the-ugly-2be5181ee3a3808c94a9c774e05e2fd3?source=copy_link

内生周期，信贷扩张，在一个时间点后迅速爆发危机，类似明斯基时刻；已有的金融加速器、Kiyotaki-Moore模型无法预测。

Within sector misallocation & across sectors misallocation

IC constrain- setting $\lambda$ no default

$\lambda$为0或是负数，银行间市场不存在，为ugly均衡—— $\xi$持续上升， $R_f$下降，直到与 $I$部门收益率相同。

容忍违约：

Boissay et al. 2016 JPE