... constraint of firms, thus increasing their short-term credit demand. Putting allthese arguments together , the theoretical sign of the parameter of industrial production, PRODt,isindeterminate14. ... set of starting values. Indeed, the mean of the realizations of eβiand eσiare v ery close to the true values of parameters, and the difference isinferior to 10−2for the βi. Hence, in the ... characterizing˙Qt. Given equation (21), the gro w th rate of the amount of loans exchanged in the market corresponds to the minimum of the loansupply and demand growth rates. In other words,...