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Debt, equity and the equity price puzzle

Autor: Daria Finocchiaro; Caterina Mendicino
Editorial: Stockholm Sveriges Riksbank 2015
Serie: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Edición/Formato:   Archivo de computadora : Inglés (eng)
Resumen:
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  Leer más
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Detalles

Tipo de material: Recurso en Internet
Tipo de documento Recurso internet, Archivo de computadora
Todos autores / colaboradores: Daria Finocchiaro; Caterina Mendicino
Número OCLC: 934078832
Número de acceso: (DE-599)GBV845461036
Descripción: Online-Ressource (11 S.) graph. Darst.
Título de la serie: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Responsabilidad: Daria Finocchiaro and Caterina Mendicino

Resumen:

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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