| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16799 |
| DP16799 Corporate Legacy Debt, Inflation, and the Efficacy of Monetary Policy | |
| Charles A. E. Goodhart; M. Udara Peiris; Dimitrios P Tsomocos; Xuan Wang | |
| 发表日期 | 2022-03-28 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | The COVID-19 pandemic has coincided with a rapid increase in indebtedness. Although the rise in public debt and its policy implications have recently received much attention, the rise in corporate debt has received less so. We argue that high levels of corporate debt may impede the transmission mechanism of monetary policy and make it less effective in controlling inflation. In an environment with working capital financing requirements, when firms’ indebtedness is sufficiently high, the income effect of higher nominal interest rates offsets or even dominates its usual negative substitution effect on aggregate demand and is quantitatively important. This mechanism is independent of standard financial and nominal frictions and aggravates the trade-off between inflation and output stabilisation. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Corporate indebtedness Debt inflation Working capital Monetary transmission mechanism Income effect Taylor principle |
| URL | https://cepr.org/publications/dp16799-0 |
| 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/546133 |
| 推荐引用方式 GB/T 7714 | Charles A. E. Goodhart,M. Udara Peiris,Dimitrios P Tsomocos,et al. DP16799 Corporate Legacy Debt, Inflation, and the Efficacy of Monetary Policy. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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