English, Article, Journal or magazine article edition: Aggregate Consequences of Limited Contract Enforceability Thomas Cooley; Ramon Marimon; Vincenzo Quadrini

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Bookmark: http://trove.nla.gov.au/version/154205
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Aggregate Consequences of Limited Contract Enforceability
Author
  • Thomas Cooley
  • Ramon Marimon
  • Vincenzo Quadrini
Physical Description
  • preprint
Notes
  • Innovation, enforcement, aggregate fluctuations, development, financing innovation
  • RePEc:upf:upfgen:843
  • We study a general equilibrium model in which entrepreneurs finance investment with optimal financial contracts. Because of enforceability problems, contracts are constrained efficient. We show that limited enforceability amplifies the impact of technological innovations on aggregate output. More generally, we show that lower enforceability of contracts will be associated with greater aggregate volatility. A key assumption for this result is that defaulting entrepreneurs are not excluded from the market.
  • RePEc:nbr:nberwo:10132
Language
  • English
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