| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10737 |
| DP10737 Trading Fees and Slow-Moving Capital | |
| Bernard Dumas; Adrian Buss | |
| 发表日期 | 2015-07-26 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | In some situations, investment capital seems to move slowly towards profitable trades. We develop a model of a financial market in which capital moves slowly simply because there is a proportional cost to moving capital. We incorporate trading fees in an infinite-horizon dynamic general-equilibrium model in which investors optimally and endogenously decide when and how much to trade. We determine the steady-state equilibrium no-trade zone, study the dynamics of equilibrium trades and prices and compare, for the same shocks, the impulse responses of this model to those of a model in which trading is infrequent because of investor inattention. |
| 主题 | Financial Economics |
| 关键词 | Trading fees Slow-moving capital General equilibrium frictions |
| URL | https://cepr.org/publications/dp10737 |
| 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/539568 |
| 推荐引用方式 GB/T 7714 | Bernard Dumas,Adrian Buss. DP10737 Trading Fees and Slow-Moving Capital. 2015. |
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