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Myerson, 2012 - Google Patents

A model of moral-hazard credit cycles

Myerson, 2012

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Document ID
15813171068825759475
Author
Myerson R
Publication year
Publication venue
Journal of Political Economy

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Snippet

This paper considers a simple model of credit cycles driven by moral hazard in financial intermediation. Financial agents or bankers must earn moral-hazard rents, but the cost of these rents can be efficiently spread over an agent's entire career by promising large late …
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