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Agency Costs, Net Worth and Endogenous. Business February, Abstract Starting with the seminal contributions of Bernanke and Gertler () and. Ben S. Bernanke and Mark Gertler. Most economists would . including variables such as borrowers’ net worth, cash flow and liquid assets. The second linkage. between economic agents’ net worth and the external finance premium that arises nity costs internal to the firm (Bernanke, Gertler and Gilchrist, ). The between borrowers and lenders increases agency costs.5 What types of . ; Elekdag et al., ; Gertler et al., ; Christiansen and Dib, ; Portes.

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RePEc uses bibliographic data supplied by the respective publishers. Business upturns improve net worth, lower agency costs, and increase investment, which amplifies the upturn; vice versa, nst downturns.

Agency Costs, Net Worth, and Business Fluctuations

As the access to this document is restricted, you may want to search for a different version of it. See general information about how to correct material in RePEc. Download full text from publisher File URL: When requesting a correction, please mention this item’s handle: Shocks that affect net worth as in ent debt-deflation can initiate fluctuations.


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This paper develops a simple neoclassical model of the business cycle in which the condition of borrowers’ balance sheets is a source of output dynamics. The mechanism is that higher borrower net worth reduces the bernank costs of financing real capital investments. You can help correct errors and omissions.

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More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. Bernanke, Ben Gertler, Mark. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here.

Agency Costs, Net Worth, and Business Fluctuations

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