An Intertemporal Greenwald-Stiglitz
AbstractIn this short paper we cast the Greenwald-Stiglitz financial accelerator framework - which was originally defined in a period by period optimization setting - in an intertemporal context. In this way we overcome one of the most frequent objections to this approach according to which agents are myopic and do not choose optimally the capital structure of the firm. In our intertemporal setting firms optimize over an infinite horizon under the constraint of net worth accumulation.
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Bibliographic InfoPaper provided by Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance in its series CeNDEF Working Papers with number 13-06.
Date of creation: 2013
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- John Moore & Nobuhiro Kiyotaki, .
Discussion Papers, Edinburgh School of Economics, University of Edinburgh
1995-5, Edinburgh School of Economics, University of Edinburgh.
- Kiyotaki, Nobuhiro & Moore, John, 1997. "Credit Cycles," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 105(2), pages 211-48, April.
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