全球智库信息集成服务系统(G2TT): Inefficient Investment Waves

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w18217
来源ID	Working Paper 18217
	Inefficient Investment Waves
	Zhiguo He; Péter Kondor
发表日期	2012-07-13
出版年	2012
语种	英语
摘要	We develop a dynamic model of trading and investment with limited aggregate resources to study investment cycles. Unverifiable idiosyncratic investment opportunities imply market prices to play a role of rent distribution, distorting private investment incentives from a social point of view. This distortion is price-dependent, leading to two-sided inefficient investment cycles--too much investment in booms with high prices and too little in recessions with low prices. Interventions targeting only the underinvestment in recessions might make all agents worse off. We connect our results to both industry specific and aggregate boom-and-bust patterns.
主题	Macroeconomics ; Consumption and Investment ; Business Cycles ; Fiscal Policy
URL	https://www.nber.org/papers/w18217
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/575893
推荐引用方式 GB/T 7714	Zhiguo He,Péter Kondor. Inefficient Investment Waves. 2012.