The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
Financial Factors in Business Fluctuations
Open accessAbstract
Recent research in macroeconomics --both theoretical and empirical--has resurrected the idea that capital market imperfections may be significant factors in business volatility by making new progress in characterizing the mechanisms.This paper outlines a case for a financial aspect to business fluctuations, in light of the contributions of this rew literature.We present a theoretical model that explicitly motivates how financial factors may affect investment.We then report some existing tests of the model's basic predictions4 and also present two new sets of results.The first demonstrates that the inverse relation between sales variability and size documented in many studies may be due to financial rather than technological factors, in contrast to the conventional view.The second lends support to a theoretical prediction of the model4 that the effects of capital market frictions on investment should be asyrnetric --having more impact in recessions than booms.The final section presents conclusions, and addresses some policy questions.
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Cites
The Market for "Lemons": Quality Uncertainty and the Market Mechanism
Akerlof, G. A. (1970) · The Quarterly Journal of Economics · doi:10.2307/1879431 · Cited by 23,016
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have
Myers, S., & Majluf, N. (1984) · doi:10.3386/w1396 · Cited by 6,745
Financing Constraints and Corporate Investment
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988) · Brookings Papers on Economic Activity · doi:10.2307/2534426 · Cited by 5,574
Self-citationNon-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression
Bernanke, B. (1983) · National Bureau of Economic Research · doi:10.3386/w1054 · Cited by 2,173
Cited by
Love, I. (2003) · Review of Financial Studies · doi:10.1093/rfs/hhg013 · Cited by 964
Monetary Policy and Bank Lending
Kashyap, A., & Stein, J. (1993) · National Bureau of Economic Research · doi:10.3386/w4317 · Cited by 586
(2003) · Cambridge University Press eBooks · doi:10.1017/cbo9780511492372 · Cited by 327
Hubbard, R. G., Kuttner, K. N., & Palia, D. N. (2002) · The Journal of Business · doi:10.1086/341635 · Cited by 311
Self-citationFinancing constraints and unemployment: Evidence from the Great Recession
Duygan-Bump, B., Levkov, A., & Montoriol-Garriga, J. (2015) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2014.12.011 · Cited by 296
Metadata
- Authors
- Gertler, M., & Hubbard, R. G.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1988-11
- Pages
- 33-78
- OpenAlex
- W1491876181
- Cited by
- 164
- References
- 6
- Type
- report
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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