شتاب دهنده مالی و قرارداد بهینه دولتی وابسته است

In the financial accelerator literature pioneered by Bernanke et al. (1999) entrepreneurs are myopic and risk-neutral, and loans have a predetermined rate of return by assumption. We relax these assumptions and derive the optimal state-dependent loan contract for forward-looking risk-averse entrepreneurs. We show that financial frictions deliver less amplification under the optimal state-dependent contract.