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Debt, equity and the equity price puzzle

Autor Daria Finocchiaro; Caterina Mendicino
Vydavatel: Stockholm Sveriges Riksbank 2015
Edice: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Vydání/formát:   Počítačový soubor : English
Shrnutí:
We show that in a model with equity and debt financing, the specfication of the borrowing constraint is crucial to generate empirically plausible responses of macro variables and asset prices to financial shocks. The interaction between financial frictions and labor demand, as in Jermann and Quadrini (2012), is key to the result. A collateral constraint a la Kiyotaki and Moore (1997) augmented with a working capital  Přečíst více...
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Detaily

Typ materiálu: Internetový zdroj
Typ dokumentu Internetový zdroj, Počítačový soubor
Všichni autoři/tvůrci: Daria Finocchiaro; Caterina Mendicino
OCLC číslo: 934078832
Přírůstkové číslo: (DE-599)GBV845461036
Popis: Online-Ressource (11 S.) graph. Darst.
Název edice: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Odpovědnost: Daria Finocchiaro and Caterina Mendicino

Anotace:

We show that in a model with equity and debt financing, the specfication of the borrowing constraint is crucial to generate empirically plausible responses of macro variables and asset prices to financial shocks. The interaction between financial frictions and labor demand, as in Jermann and Quadrini (2012), is key to the result. A collateral constraint a la Kiyotaki and Moore (1997) augmented with a working capital assumption generates similar results on impact.

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