| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28384 |
| 来源ID | Working Paper 28384 |
| Constrained-Efficient Capital Reallocation | |
| Andrea Lanteri; Adriano A. Rampini | |
| 发表日期 | 2021-01-25 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We characterize efficiency in an equilibrium model of investment and capital reallocation with heterogeneous firms facing collateral constraints. The model features two types of pecuniary externalities: collateral externalities, because the resale price of capital affects collateral constraints, and distributive externalities, because buyers of old capital are more financially constrained than sellers, consistent with empirical evidence. We prove that the stationary-equilibrium price of old capital is inefficiently high, because the distributive pecuniary externality exceeds the collateral externality, by a factor of two in our calibrated model. New investment reduces the future price of old capital, providing a rationale for new-investment subsidies. |
| 主题 | Microeconomics ; General Equilibrium ; Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Corporate Finance ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w28384 |
| 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/586058 |
| 推荐引用方式 GB/T 7714 | Andrea Lanteri,Adriano A. Rampini. Constrained-Efficient Capital Reallocation. 2021. |
| 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 | ||
| w28384.pdf（1076KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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