Optimal Contracts, Aggregate Risk, and the Financial Accelerator

• 成果类型: Article
• 署名作者: Carlstrom, Charles T.; Fuerst, Timothy S.; Paustian, Matthias
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Notre Dame; Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20120024
• 发表日期: 2016
• 页码: 119-147
• 关键词: fluctuations; MODEL

摘要

This paper derives the optimal lending contract in the financial accelerator model of Bernanke, Gertler, and Gilchrist (1999), henceforth, BGG. The optimal contract includes indexation to the aggregate return on capital, household consumption, and the return to internal funds. This triple indexation results in a dampening of fluctuations in leverage and the risk premium. Hence, compared with the contract originally imposed by BGG, the privately optimal contract implies essentially no financial accelerator.