Optimal Contracts, Aggregate Risk, and the Financial Accelerator
推导了Bernanke等人金融加速器模型中的最优贷款合同，发现包含三重指数化的合同能平缓杠杆和风险溢价波动，从而几乎消除金融加速器效应。
This paper derives the optimal lending contract in the financial accelerator model of Bernanke, Gertler, and Gilchrist (1999), henceforth, BGG. The optimal contract includes indexation to the aggregate return on capital, household consumption, and the return to internal funds. This triple indexation results in a dampening of fluctuations in leverage and the risk premium. Hence, compared with the contract originally imposed by BGG, the privately optimal contract implies essentially no financial accelerator.