G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9537
DP9537 Liquidity and Inefficient Investment
Oliver Hart; Luigi Zingales
发表日期2013-07-07
出版年2013
语种英语
摘要We study the role of fiscal policy in a complete markets model where the only friction is the non-pledgeability of human capital. We show that the competitive equilibrium is constrained inefficient, leading to too little risky investment. We also show that fiscal policy following a large negative shock can increase ex ante welfare. Finally, we show that if the government cannot commit to the promised level of fiscal intervention, the ex post optimal fiscal policy will be too small from an ex ante perspective.
主题Financial Economics
关键词Aggregate shocks Fiscal policy Liquidity Nonpledgeability Pecuniary externalities
URLhttps://cepr.org/publications/dp9537
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/538373
推荐引用方式
GB/T 7714
Oliver Hart,Luigi Zingales. DP9537 Liquidity and Inefficient Investment. 2013.
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
[Oliver Hart]的文章
[Luigi Zingales]的文章
百度学术
百度学术中相似的文章
[Oliver Hart]的文章
[Luigi Zingales]的文章
必应学术
必应学术中相似的文章
[Oliver Hart]的文章
[Luigi Zingales]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。