| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1410 |
| DP1410 A User's Guide to Uruguay Round Assessments | |
| Hakan Nordstrom; Joseph Francois; Brad McDonald | |
| 发表日期 | 1996-06-30 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | We develop a dynamic general equilibrium macroeconomic model where a proportion of firms are credit constrained due to asymmetric information. In general, a macroeconomic shock has additional effects created by a reallocation of funds between credit-constrained and unconstrained firms. We show that the output response to shocks is not necessarily amplified, however, and can be dampened by the presence of asymmetric information. This depends on the impact of the shock on the composition of external and internal funds for credit-constrained firms. Furthermore, we show that it is important to distinguish between firms? collateral and firms? cash flow in determining the dampening or amplifying effect of agency costs. |
| 主题 | International Macroeconomics |
| 关键词 | Agency costs Business cycles Credit market imperfections |
| URL | https://cepr.org/publications/dp1410 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530553 |
| 推荐引用方式 GB/T 7714 | Hakan Nordstrom,Joseph Francois,Brad McDonald. DP1410 A User's Guide to Uruguay Round Assessments. 1996. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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