| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14958 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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