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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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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. Copyright by American Economic Association. If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item.


Agency Costs, Net Worth, and Business Fluctuations

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Shocks that affect net worth as in a debt-deflation can initiate fluctuations. When requesting bernanle correction, please mention this item’s handle: If you have authored this item and are not yet registered with RePEc, we encourage you to do it here.

Business upturns improve net worth, lower agency costs, and increase investment, which amplifies the upturn; vice versa, for downturns. This allows to link your profile to this item. See general information about how to correct material in RePEc.


We have no references for this item. For technical questions regarding this item, wofth to correct its authors, title, abstract, bibliographic or download information, contact: Bernanke, Ben Gertler, Mark. Corrections All material on this site has been provided by the respective publishers and authors.

Agency Costs, Net Worth, and Business Fluctuations

Download full text from publisher Gerrtler URL: 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. Clsts contact details of provider: As the access to this document is restricted, you may want to search for a different version of it. RePEc uses bibliographic data supplied by the respective publishers. It also allows you to accept potential citations to this item that we are uncertain about.