EQUILIBRIUM LENDING MECHANISM AND AGGREGATE ACTIVITY*
构建了一个信贷市场模型，其中金融契约面临成本高昂的状态验证和道德风险，经济总体活动与均衡贷款机制共同决定，分析了投资回报和贷款供给等外生变量对总产出和信贷类型的影响。
We construct a model of the credit market where financial contracting is subject to costly state verification and moral hazard. The economy's aggregate activity and its equilibrium lending mechanism are determined jointly. We analyze how changes in the model's exogenous variables, including the returns of the economy's investment projects and the supply of loans, affect the economy's aggregate output and the types of the credit through which investment is funded.