Data for: Debt overhang in a business cycle model

Abstract of associated article: We study the macroeconomic implications of the debt overhang distortion on firms׳ investment and labor decisions. We show that the distortion arises when the levels of investment and labor are non-contractible and chosen after the signing of the debt contract. The financial friction manifests itself as investment and labor wedges that move counter-cyclically, increasing during recessions when the risk of default is high. Their dynamics amplify and propagate the effects of shocks to productivity, government spending, volatility, and funding costs. Both the size and the persistence of these effects are quantitatively important.

本文摘要：本研究探讨了债务负担扭曲对企业投资和劳动力决策的宏观经济影响。研究表明，当投资和劳动力水平不可协商且在签订债务合同之后进行选择时，该扭曲便会产生。金融摩擦表现为投资和劳动力楔子，其变动与经济周期相反，在衰退期间，即违约风险较高的时期，这些楔子会增大。其动态变化放大并传播了生产率、政府支出、波动性和资金成本冲击的影响。这些效应的大小和持续性在数量上均具有重要意义。