haku: @author Bernanke, B. / yhteensä: 4
viite: 4 / 4
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| Tekijä: | Bernanke, B. Gertler, M. |
| Otsikko: | Agency costs, net worth, and business fluctuations. |
| Lehti: | American Economic Review
1989 : MAR, VOL. 79:1, p. 14-31 |
| Asiasana: | BUSINESS CYCLES BALANCE SHEETS |
| Kieli: | eng |
| Tiivistelmä: | A simple neoclassical model of the business cycle is developed in which the condition of borrowers' balance sheets is a source of output dynamics. Literature is reviewed. The assumptions of the model are summarized. The perfect information case is analysed. The equilibrium in this case is rigged to involve no business cycle dynamics. Asymmetric information and agency costs are introduced. Optimal lending contracts and the entrepreneurial investment decision are considered for this case. Implications for macroeconomic equilibrium dynamics are investigated. Additional results on the nature of the optimal contract under costly state verification are presented. |
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