The Financial Accelerator and the Flight to Quality
提出金融加速器理论，认为信贷市场代理成本的内生变化会放大经济冲击，并预测衰退时高代理成本借款人获得信贷份额下降（质量逃离），加剧经济下滑。基于大、小制造企业面板数据验证了该预测。
Adverse shocks to the economy may be amplified by worsening credit-market conditions-- the financial 'accelerator'. Theoretically, we interpret the financial accelerator as resulting from endogenous changes over the business cycle in the agency costs of lending. An implication of the theory is that, at the onset of a recession, borrowers facing high agency costs should receive a relatively lower share of credit extended (the flight to quality) and hence should account for a proportionally greater part of the decline in economic activity. We review the evidence for these predictions and present new evidence drawn from a panel of large and small manufacturing firms.