| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19009 |
| 来源ID | Working Paper 19009 |
| Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity | |
| Venky Venkateswaran; Randall Wright | |
| 发表日期 | 2013-05-02 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | When limited commitment hinders unsecured credit, assets help by serving as collateral. We study models where assets differ in pledgability - the extent to which they can be used to secure loans - and hence liquidity. Although many previous analyses of imperfect credit focus on producers, we emphasize consumers. Household debt limits are determined by the cost households incur when assets are seized in the event of default. The framework, which nests standard growth and asset-pricing theory, is calibrated to analyze the effects of monetary policy and financial innovation. We show that inflation can raise output, employment and investment, plus improve housing and stock markets. For the baseline calibration, optimal inflation is positive. Increases in pledgability can generate booms and busts in economic activity, but may still be good for welfare. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w19009 |
| 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/576683 |
| 推荐引用方式 GB/T 7714 | Venky Venkateswaran,Randall Wright. Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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