Agency Costs, Net Worth, And Business Fluctuations
Open accessAbstract
This paper constructs a simple neoclassical model of intrinsic business cycle dynamics in which borrowers' balance sheet positions play an important role. The critical insight is that the agency costs of undertaking physical investments are inversely related to the entrepreneur's/borrower's net worth. As a result, accelerator effects on investment emerge: Strengthened borrower balance sheets resulting from good times expand investment demand, which in turn tends to amplify the upturn; weakened balance sheets in bad times do just the opposite. Further, redistributions or other shocks that affect borrowers' balance sheets (as in a debt-deflation} may have aggregate real effects.
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- Authors
- Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M.
- Venue
- Unknown
- Publisher
- Unknown
- Published
- 1988
- Volume
- 79
- Issue
- 1
- Pages
- 14-31
- OpenAlex
- W1933529014
- Cited by
- 4,386
- References
- 7
- Citations by year
- 2026: 8 · 2025: 68 · 2024: 98 · 2023: 143 · 2022: 125 · 2021: 181 · 2020: 222 · 2019: 144 · 2018: 176 · 2017: 175 · 2016: 192 · 2015: 219 · 2014: 256 · 2013: 223 · 2012: 248
- FWCI
- 32.21
- Type
- journal article
- Language
- en
- Open access
- green
- ageconsearch.umn.edu
- Locations
- AgEcon Search (University of Minnesota, USA) (submittedVersion)
- American Economic Review (submittedVersion)
- AgEcon Search (University of Minnesota, USA)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Keywords
- agency costs, net worth, business cycles, debt deflation, investment demand, financial constraints
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