The Financing of Ideas and the Great Deviation

The Financing of Ideas and the Great Deviation
Why did the Great Recession lead to such a slow recovery? I build a model where heterogeneous firms invest in physical and intangible capital, and can default on their debt. In case of default, intangible assets are harder to seize by creditors. Hence, intangible capital faces higher financing costs. This differential is... READ MORE...

Publication date: July 2017
ISBN 9781484311134
$18.00

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