| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19184 |
| 来源ID | Working Paper 19184 |
| Liquidity and Inefficient Investment | |
| Oliver D. Hart; Luigi Zingales | |
| 发表日期 | 2013-06-28 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We study the role of fiscal policy in a complete markets model where the only friction is the nonpledgeability of human capital. We show that the competitive equilibrium is constrained inefficient, leading to too little risky investment. We also show that fiscal policy following a large negative shock can increase ex ante welfare. Finally, we show that if the government cannot commit to the promised level of fiscal intervention, the ex post optimal fiscal policy will be too small from an ex ante perspective. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w19184 |
| 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/576858 |
| 推荐引用方式 GB/T 7714 | Oliver D. Hart,Luigi Zingales. Liquidity and Inefficient Investment. 2013. |
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