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- W3122618683 abstract "Limitations in the punishment for default induce constraints in the credit of firms and a non-trivial dynamics for their growth. Those limitations can also shape the dynamic response of the overall economy in response to an aggregate shock. In this paper I consider a simple continuous time formulation of the optimal dynamic relationship between a banks and a firm and derive a simple and sharp characterization of the optimal contract, the implicit credit constraints (for an equivalent sequentail trading arrangment) and the implied firm dynamics. I analytically characterize the steady state firm size distribution and show how to solve the optimal contract under any arbitrary deterministic path of the economy-wide equilibrium prices. I use the results to study the aggregate response to interest rates and aggregate productivity fluctuations. I also study the output and welfare cost of limited commitment." @default.
- W3122618683 created "2021-02-01" @default.
- W3122618683 creator A5051829559 @default.
- W3122618683 date "2008-01-01" @default.
- W3122618683 modified "2023-09-23" @default.
- W3122618683 title "Limited Commitment, Firm Dynamics and Aggregate Fluctuations" @default.
- W3122618683 hasPublicationYear "2008" @default.
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