| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15690 |
| DP15690 Constrained-Efficient Capital Reallocation | |
| Andrea Lanteri; Adriano A. Rampini | |
| 发表日期 | 2022-06-17 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We characterize efficiency in an equilibrium model of investment and capital reallocation with heterogeneous firms facing collateral constraints. The model features two types of pecuniary externalities: collateral externalities, because the resale price of capital affects collateral constraints, and distributive externalities, because buyers of old capital are more financially constrained than sellers, consistent with empirical evidence. We prove that the stationary-equilibrium price of old capital is inefficiently high, because the distributive pecuniary externality exceeds the collateral externality, by a factor of two in our calibrated model. New investment reduces the future price of old capital, providing a rationale for new-investment subsidies. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Capital reallocation Pecuniary externalities Collateral Constrained efficiency Investment subsidies |
| URL | https://cepr.org/publications/dp15690-1 |
| 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/546450 |
| 推荐引用方式 GB/T 7714 | Andrea Lanteri,Adriano A. Rampini. DP15690 Constrained-Efficient Capital Reallocation. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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