Monetary and Financial Interactions in the Business Cycle
构建了一个可计算一般均衡模型，研究内生代理成本对商业周期动态的影响。模型考虑了生产率和货币两种冲击，参数化匹配美国总体经济特征，主要发现是代理成本对基本商业周期动态影响很小。
This paper develops a computable general equilibrium model in which endogenous agency costs can potentially alter business cycle dynamics. The model resembles the influential theoretical work of Ben Bernanke and Mark Gertler (1989). Two sources of shocks are considered: productivity shocks and monetary shocks. The model is parametrized to match key features of U.S. aggregate activity. The principal result of the analysis is that agency costs add very little to the basic business cycle dynamics. Copyright 1995 by Ohio State University Press.