| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16089 |
| DP16089 Credit Horizons | |
| Nobuhiro Kiyotaki; John Moore; Shengxing Zhang | |
| 发表日期 | 2021-04-29 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Entrepreneurs appear to borrow largely against their near-term revenues, even when their investment has a longer horizon. In this paper, we develop a model of credit horizons. A question of particular concern to us is whether persistently low interest rates can stifle economic activity. With this in mind, our model is of a small open economy where the world interest rate is taken to be exogenous. We show that a permanent fall in the interest rate can reduce aggregate investment and growth, and even lead to a drop in the welfare of everyone in the domestic economy. We use our framework to examine how credit horizons interact with plant dynamics and the evolution of productivity. Finally, we speculate that the measurement of total investment may camouflage the true level of productive investment in plant and human capital, and give too rosy a picture of property-fuelled booms sparked by low interest rates. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Credit horizon Low interest rate Productivity Growth |
| URL | https://cepr.org/publications/dp16089 |
| 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/545067 |
| 推荐引用方式 GB/T 7714 | Nobuhiro Kiyotaki,John Moore,Shengxing Zhang. DP16089 Credit Horizons. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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