Sticky Leverage
构建了一个可处理的一般均衡模型，研究名义长期公司债务、通货膨胀与实际经济变量之间的相互作用，发现未预期通胀会改变债务实际负担并导致债务积压，扭曲未来投资和生产决策，且债务期限超过一期时这些效应更大更持久。
We develop a tractable general equilibrium model that captures the interplay between nominal long-term corporate debt, inflation, and real aggregates. We show that unanticipated inflation changes the real burden of debt and, more significantly, leads to a debt overhang that distorts future investment and production decisions. For these effects to be both large and very persistent, it is essential that debt maturity exceeds one period. We also show that interest rate rules can help stabilize our economy.