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Debt, equity and the equity price puzzle

Autor: Daria Finocchiaro; Caterina Mendicino
Verlag: Stockholm Sveriges Riksbank 2015
Serien: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Ausgabe/Medienart   Datei : Englisch
Zusammenfassung:
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  Weiterlesen…
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Medienart: Internetquelle
Dokumenttyp Internet-Ressource, Computerdatei
Alle Autoren: Daria Finocchiaro; Caterina Mendicino
OCLC-Nummer: 934078832
Zugangsnummer: (DE-599)GBV845461036
Beschreibung: Online-Ressource (11 S.) graph. Darst.
Serientitel: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Verfasserangabe: Daria Finocchiaro and Caterina Mendicino

Abstract:

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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