effectiveness of fiscal policy: multipliers turn negative with debt overhang in either sector. The negative impact of banking … frictions on macro outcomes increases when a larger part of working capital is financed through credit in addition to investment …

effectiveness of fiscal policy: multipliers turn negative with debt overhang in either sector. The negative impact of banking … frictions on macro outcomes increases when a larger part of working capital is financed through credit in addition to investment …

nominal transfers, in an environment where banking frictions are present in the sense that there exists an agency cost problem …