Agency Costs, Collateral, and Business Fluctuations
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Bad economic times are typically associated with a high incidence of financial distress, e.g., insolvency and bankruptcy. This paper studies the role of changes in borrower solvency in the initiation and propagation of the business cycle. We first develop a model of the process of financing real
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美国国家经济研究局创建时间：
1986-09-01
