By R. Glenn Hubbard
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Extra info for Asymmetric Information, Corporate Finance, and Investment (National Bureau of Economic Research Project Report)
Taggart, R. 1985. S. corporations. In Corporate capital structures in the United States, ed. B. Friedman. NBER project report. Chicago: University of Chicago Press. Vale, B. 1989. Impact of central bank lending under asymmetric information in credit market. Typescript. Stanford University. Weiss, A. M. 1980. Job queues and lay-offs in labor markets with flexible wages. Journal ofPolitical Economy 88:526-38. Woodford, M. 1986. Expectations, finance and aggregate instability. In Expectations and macroeconomics, ed.
Stiglitz. 1986. Information, finance constraints and business fluctations. NBER working paper. Cambridge, Mass. (June). - - - . 1987. Imperfect information, credit markets and unemployment. European Economic Review 31:223-30. - - - . 1988. Money, imperfect information and economic fluctuations. In Expectations and macroeconomics, ed. M. Kohn and S. C. Tsiang. Oxford: Oxford University Press. - - - . 1989. Toward a theory of rigidities. American Economic Review 79 (2):36469. 42 Bruce C. Greenwald/Joseph E.
First, cyclical changes in firm financing are dominated by changes in short-term bank financing. This is especially true at the peak and during the downward phase of the cycle. 24 Second, the role (or lack of role) of monetary policy is central to macroeconomic theory and, in most modem industrial societies, the proximate impact of monetary policy is on the banking system. Therefore, in examining the role of monetary policy, the banking system is a logical point of departure. Finally, a model of loan markets based on bank lending appears relatively easy to extend to incorporate direct lending to firms, whereas the opposite-extending a direct loan model to incorporate a banking system-seems to be less straightforward.
Asymmetric Information, Corporate Finance, and Investment (National Bureau of Economic Research Project Report) by R. Glenn Hubbard