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| Author: | Bernanke, B. Gertler, M. Gilchrist, S. |
| Title: | The financial accelerator and the flight to quality |
| Journal: | Review of Economics and Statistics
1996 : FEB, VOL. 78:1, p. 1-15 |
| Index terms: | ECONOMICS STATISTICS FINANCE |
| Language: | eng |
| Abstract: | Adverse shocks to the economy may be amplified by worsening credit-market conditions - the "financial accelerator". Theoretically, the authors interpret the financial accelerator as resulting from endogenous changes over the business cycle in the agency cost of lending. An implication of the theory is that, at the onset of a recession, borrowers facing high agency costs should receive a relatively lower share of credit extended (the flight to quality) and hence should account for a proportionally greater part of the decline in economic activity. |
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