| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w0160
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| 来源ID | Working Paper 0160
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| Misintermediation and Business Fluctuation |
| J. Huston McCulloch
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| 发表日期 | 1977
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| 出版年 | 1977
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| 语种 | 英语
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| 摘要 | Individuals plan consumption and production for different points in the future, using interest rates of various maturities as a guide. How-ever, individuals do not always pre-contract all planned future borrowing and lending, and the intermediaries they work through often do not match the maturity structure of their assets and liabilities. As a result of this individual failure to hedge and institutional "misintermediation", aggregate production and consumption plans for each period in the future need not coincide. The resulting discrepancy will eventually appear as a recession or boom, involving an unanticipated change in interest rates. Fiscal stimulus aggravates the welfare loss associated with a recession, whether the spending is consumption-displacing or wholly wasteful. |
| URL | https://www.nber.org/papers/w0160
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/557354
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推荐引用方式
GB/T 7714 |
J. Huston McCulloch. Misintermediation and Business Fluctuation. 1977.
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文件名：
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w0160.pdf
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格式：
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Adobe PDF
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