G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w19009
来源IDWorking 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
URLhttps://www.nber.org/papers/w19009
来源智库National Bureau of Economic Research (United States)
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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.
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