G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16089
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
URLhttps://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。
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
[Nobuhiro Kiyotaki]的文章
[John Moore]的文章
[Shengxing Zhang]的文章
百度学术
百度学术中相似的文章
[Nobuhiro Kiyotaki]的文章
[John Moore]的文章
[Shengxing Zhang]的文章
必应学术
必应学术中相似的文章
[Nobuhiro Kiyotaki]的文章
[John Moore]的文章
[Shengxing Zhang]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。