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来源类型Working Paper
规范类型报告
DOI10.3386/w28742
来源IDWorking Paper 28742
Credit Horizons
Nobuhiro Kiyotaki; John Moore; Shengxing Zhang
发表日期2021-05-03
出版年2021
语种英语
摘要Entrepreneurs appear to borrow largely against their near-term revenues, even when their investment has a longer horizon. In this paper, we develop a model of credit horizons. A question of particular concern to us is whether persistently low interest rates can stifle economic activity. With this in mind, our model is of a small open economy where the world interest rate is taken to be exogenous. We show that a permanent fall in the interest rate can reduce aggregate investment and growth, and even lead to a drop in the welfare of everyone in the domestic economy. We use our framework to examine how credit horizons interact with plant dynamics and the evolution of productivity. Finally, we speculate that the measurement of total investment may camouflage the true level of productive investment in plant and human capital, and give too rosy a picture of property-fuelled booms sparked by low interest rates.
主题Macroeconomics ; Money and Interest Rates
URLhttps://www.nber.org/papers/w28742
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/586416
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GB/T 7714
Nobuhiro Kiyotaki,John Moore,Shengxing Zhang. Credit Horizons. 2021.
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