G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14958
DP14958 Monetary Easing, Leveraged Payouts and Lack of Investment
Viral Acharya; Guillaume Plantin
发表日期2022-03-02
出版年2022
语种英语
摘要This paper studies a model in which a low monetary policy rate lowers the cost of capital for entrepreneurs, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase payouts to equity. Whereas such leveraged payouts privately benefit entrepreneurs, they come at the social cost of reducing their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to the presence of a shadow-banking system), then the optimal monetary policy seeks to contain such socially costly leveraged payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary policy may even consist of “leaning against the wind,” i.e., not stimulating the economy at all, in order to fully contain leveraged payouts and maintain productive efficiency.
主题Financial Economics
URLhttps://cepr.org/publications/dp14958-0
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/546042
推荐引用方式
GB/T 7714
Viral Acharya,Guillaume Plantin. DP14958 Monetary Easing, Leveraged Payouts and Lack of Investment. 2022.
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