EQUILIBRIUM LENDING MECHANISM AND AGGREGATE ACTIVITY

被引：0
|
作者：
Wang, Cheng [1 ]
Zhou, Ruilin
机构：
[1] Iowa State Univ, Dept Econ, Ames, IA 50011 USA
来源：
INTERNATIONAL ECONOMIC REVIEW | 2010年 / 51卷 / 03期
关键词：
FINANCIAL INTERMEDIATION; CREDIT MARKETS; CONTRACTS; DEBT;
D O I：
10.1111/j.1468-2354.2010.00595.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We construct a model of the credit market where financial contracting is subject to costly state verification and moral hazard. The economy's aggregate activity and its equilibrium lending mechanism are determined jointly. We analyze how changes in the model's exogenous variables, including the returns of the economy's investment projects and the supply of loans, affect the economy's aggregate output and the types of the credit through which investment is funded.
引用
收藏
页码：631 / 651
页数：21
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