Corporate Debt Structure and the Financial Crisis
构建DSGE模型分析企业在银行融资与债券融资间的选择，解释2008-09金融危机期间企业债务从银行转向债券的现象，并指出银行灵活性有助于缓解危机对实体经济的冲击。
We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008–09, namely, the observed shift from bank finance to bond finance, at a time when the cost of market debt rose above the cost of bank loans. We show that the flexibility offered by banks on the terms of their loans and firms' ability to substitute among alternative instruments of debt finance are important to shield the economy from adverse real effects of a financial crisis.