Sophisticated Borrowing Constraints and Macroeconomic Dynamics
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https://www.nber.org/papers/w35213
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In traditional macro-finance models, firms' debt contracts impose hard borrowing constraints, which require indiscriminate reductions of borrowing and investment when adverse shocks tighten these limits, giving rise to financial acceleration. We study the macroeconomic implications of "sophisticated
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美国国家经济研究局创建时间：
2026-05-01
