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.

关联论文摘要：本文研究债务悬置（debt overhang）扭曲对企业投资与劳动决策的宏观经济影响。研究表明，当投资与劳动水平不可缔约，且需在债务合同签署后确定时，此类扭曲便会产生。该金融摩擦（financial friction）表现为投资楔子与劳动楔子，二者呈逆周期变动：在违约风险较高的经济衰退期，楔子规模会进一步扩大。这些楔子的动态变化会放大并传导生产率冲击、政府支出冲击、波动性冲击以及融资成本冲击的影响。上述影响的幅度与持续性均在定量层面具有重要意义。