| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8511 |
| DP8511 Liquidity When It Matters Most: QE and Tobin?s q | |
| Marcus Miller; John Driffill | |
| 发表日期 | 2011-08-23 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | How and why do financial conditions matter for real outcomes? The ?workhorse model of money and liquidity? of Kiyotaki and Moore (2008) shows how--with full employment maintained by flexible prices--shifting credit constraints can affect investment and future aggregate supply. We show that, when the flex-price assumption is dropped, an adverse but temporary liquidity shock can rapidly lead to Keynesian-style demand failure. Optimistic expectations may speed recovery, but simulation results suggest that prompt liquidity infusion by the central bank--i.e. Quantitative Easing--is needed to check prolonged recession. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Credit constraints Temporary equilibrium Liquidity shocks |
| URL | https://cepr.org/publications/dp8511 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537389 |
| 推荐引用方式 GB/T 7714 | Marcus Miller,John Driffill. DP8511 Liquidity When It Matters Most: QE and Tobin?s q. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Marcus Miller]的文章 |
| [John Driffill]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Marcus Miller]的文章 |
| [John Driffill]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Marcus Miller]的文章 |
| [John Driffill]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
