BERNANKE GERTLER AGENCY COSTS NET WORTH 2006 PDF

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Agency Costs, Net Worth and Endogenous. Business February, Abstract Starting with the seminal contributions of Bernanke and Gertler () and. Ben S. Bernanke and Mark Gertler. Most economists would . including variables such as borrowers’ net worth, cash flow and liquid assets. The second linkage. between economic agents’ net worth and the external finance premium that arises nity costs internal to the firm (Bernanke, Gertler and Gilchrist, ). The between borrowers and lenders increases agency costs.5 What types of . ; Elekdag et al., ; Gertler et al., ; Christiansen and Dib, ; Portes.

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For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: This allows to link your profile to this item. Copyright by American Economic Association. Business upturns improve net worth, lower agency costs, and increase investment, which amplifies the upturn; vice versa, for downturns.

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Agency Costs, Net Worth, and Business Fluctuations

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You can help adding them by using this form. This paper develops a simple neoclassical model of the business cycle in which the condition of borrowers’ balance sheets is a source of output dynamics.

Shocks that affect net worth as in a debt-deflation can initiate fluctuations.

Agency Costs, Net Worth, and Business Fluctuations

As the access to this document is restricted, you may want to search for a different version of it. Help us Corrections Found an error or omission? The mechanism is that higher borrower net worth reduces the agency costs of financing real capital investments.

Bernanke, Ben Gertler, Mark.