| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24752 |
| 来源ID | Working Paper 24752 |
| How I Learned to Stop Worrying and Love Fire Sales | |
| Pablo Kurlat | |
| 发表日期 | 2018-06-25 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | In canonical models with financial constraints, the possibility of fire sales creates a pecuniary externality that results in ex-ante overinvestment. I show that this result is sensitive to the microfoundations for fire sales. If they result from asymmetric information instead of misallocation, the overinvestment result is reversed. Macroprudential policy may therefore need to treat different types of investment differently. |
| 主题 | Microeconomics ; Welfare and Collective Choice ; Economics of Information ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w24752 |
| 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/582424 |
| 推荐引用方式 GB/T 7714 | Pablo Kurlat. How I Learned to Stop Worrying and Love Fire Sales. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24752.pdf（528KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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