| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9537 |
| 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 |
| URL | https://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. |
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