| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20442 |
| 来源ID | Working Paper 20442 |
| Aggregate External Financing and Savings Waves | |
| Andrea L. Eisfeldt; Tyler Muir | |
| 发表日期 | 2014-09-25 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | US data display aggregate external financing and savings waves. Firms can allocate costly external finance to productive capital, or to liquid assets with low physical returns. If firms raise costly external finance and accumulate liquidity, either the cost of external finance is relatively low, or the total return to liquidity accumulation, including its shadow value as future internal funds, is particularly high. We formalize this intuition by estimating a dynamic model of firms’ financing and savings decisions, and use our model along with firm level data to construct an empirical estimate of the average cost of external finance from 1980-2014. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w20442 |
| 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/578190 |
| 推荐引用方式 GB/T 7714 | Andrea L. Eisfeldt,Tyler Muir. Aggregate External Financing and Savings Waves. 2014. |
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