This paper demonstrates that endogenous fluctuations are possible in the market for loans. In the context of a three-period overlapping generations economy, the deposit rates offered to lenders are found to exhibit complex dynamics when financial intermediaries mediate borrowing and lending. Constant relative risk aversion of savers is found to generate a first-order nonlinear equation in the deposit rates. Concavity and convexity assumptions of production and savings functions are found to generate a type of dynamic relationship between the loan rates that is well known in the literature for generating complex dynamics. While the main analysis is conducted with general functions, an example is provided to support the theory presented.

本文论证了贷款市场的内生波动是可能的。在三期重叠经济的背景下，当金融中介机构调解借贷时，提供给贷方的存款利率被发现表现出复杂的动态。发现储蓄者的恒定相对风险厌恶会在存款利率中产生一阶非线性方程。发现生产函数和储蓄函数的凹凸假设会在贷款利率之间产生一种动态关系，这在产生复杂动态的文献中是众所周知的。虽然主要分析是用一般函数进行的，但提供了一个例子来支持所提出的理论。