| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26471 |
| 来源ID | Working Paper 26471 |
| Monetary Easing, Leveraged Payouts and Lack of Investment | |
| Viral V. Acharya; Guillaume Plantin | |
| 发表日期 | 2019-11-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper studies a model in which a low monetary policy rate lowers the cost of capital for entrepreneurs, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase payouts to equity. Whereas such leveraged payouts privately benefit entrepreneurs, they come at the social cost of reducing their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to the presence of a shadow-banking system), then the optimal monetary policy seeks to contain such socially costly leveraged payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary policy may even consist of “leaning against the wind,” i.e., not stimulating the economy at all, in order to fully contain leveraged payouts and maintain productive efficiency. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w26471 |
| 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/584142 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Guillaume Plantin. Monetary Easing, Leveraged Payouts and Lack of Investment. 2019. |
| 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 | ||
| w26471.pdf（525KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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