题目：Cycles of Credit Expansion and Misallocation: The Good, The Bad and The Ugly
Abstract: Financial crises are probably 'credit booms gone wrong', sometimes coined as Minsky moment/cycle. We develop a general equilibrium banking model with heterogeneous firms to analyze the consequences of credit boom. We show that a moderate credit expansion has a non-monotonic impact on the real economy. It raises credit available to the market but deteriorates firm-level productivity distortions. Furthermore, a sufficiently large credit expansion may trigger an inter-bank market crisis, generating a large-scale non-linear effect. The resulting economic recession is greatly exacerbated by the within-sector productivity misallocation. In a dynamic setup, we show that an expansionary credit policy may cause endogenous boom-burst business cycles even though adverse shocks are absent.