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Reputation acquisition, collateral, and moral hazard in debt markets

Calem, Paul S. - Federal Reserve Bank of Philadelphia - 1991

Persistent link: https://www.econbiz.de/10005512346

Debt covenants and renegotiation

Berlin, Mitchell; Mester, Loretta J. - Federal Reserve Bank of Philadelphia - 1992

Persistent link: https://www.econbiz.de/10005512382

Public versus private debt: confidentiality, control, and product markets

Berlin, Mitchell; Butler, Alexander W. - Federal Reserve Bank of Philadelphia - 1996

The authors examine a firm's choice between public and private debt in a model where the firm's financing source …, debt financing leads to excessively risky product market strategies (as in Brander and Lewis' (1986) Cournot oligopoly with … debt). Lender control through restrictive covenants--which is characteristic of private debt--can commit the firm to reduce …

Persistent link: https://www.econbiz.de/10005389620

Worker debt with bankruptcy

McAndrews, James J.; Nakamura, Leonard I. - Federal Reserve Bank of Philadelphia - 1991

Persistent link: https://www.econbiz.de/10005389735

Assessing bankruptcy reform in a model with temptation and equilibrium default

Nakajima, Makoto - Federal Reserve Bank of Philadelphia - 2015

A life-cycle model with equilibrium default in which consumers with and without temptation coexist is constructed to evaluate the 2005 bankruptcy law reform and other counterfactual reforms. The calibrated model indicates that the 2005 bankruptcy reform achieves its goal of reducing the number...

Persistent link: https://www.econbiz.de/10011196367

A tale of two commitments: equilibrium default and temptation

Nakajima, Makoto - Federal Reserve Bank of Philadelphia - 2013

model provides quantitatively similar answers to positive questions such as the causes of the observed rise in debt and …

Persistent link: https://www.econbiz.de/10010732485

Credit, bankruptcy, and aggregate fluctuations

Nakajima, Makoto; Rios-Rull, Jose-Victor - Federal Reserve Bank of Philadelphia - 2014

We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and countercyclicality of bankruptcy filings found in U.S. data?...

Persistent link: https://www.econbiz.de/10010941009

Some observations on fiscal imbalances and monetary policy

Plosser, Charles I. - Federal Reserve Bank of Philadelphia - 2011

Philadelphia Fed Policy Forum: “Budgets on the Brink: Perspectives on Debt and Monetary Policy.” December 2, 2011> …

Persistent link: https://www.econbiz.de/10011026980

Dynamics of investment, debt, and default

Gordon, Grey; Guerrón-Quintana, Pablo - Federal Reserve Bank of Philadelphia - 2013

How does physical capital accumulation affect the decision to default in developing small open economies? We find that … capital also tames the severity of the contraction following default, making autarky more appealing. Access to long-term debt …

Persistent link: https://www.econbiz.de/10011027300

Measuring U.S. credit card borrowing: an analysis of the G.19's estimate of consumer revolving credit

Furletti, Mark; Ody, Christopher - Federal Reserve Bank of Philadelphia - 2006

This paper describes the Federal Reserve System’s monthly estimate of revolving consumer credit as published in the G.19 statistical release. It analyzes the source data, sampling methods, and calculations on which this estimate currently relies. In addition, it proposes a framework for...

Persistent link: https://www.econbiz.de/10005728931