| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13072 |
| DP13072 Monetary Easing, Investment and Financial Instability | |
| Guillaume Plantin; Viral Acharya | |
| 发表日期 | 2018-07-24 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper studies a model in which a low monetary policy rate lowers the cost of capital for firms, thereby spurring productive investment. Low interest rates however also induce firms to lever up so as to increase payouts to shareholders. Such leveraged share buybacks and productive investment compete for funds, so much so that the former may crowd out the latter. Below an endogenous lower bound, monetary easing generates only limited capital expenditures that come at the cost of large and destabilizing financial risk-taking. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp13072 |
| 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/541877 |
| 推荐引用方式 GB/T 7714 | Guillaume Plantin,Viral Acharya. DP13072 Monetary Easing, Investment and Financial Instability. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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