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Debt, equity and the equity price puzzle

Auteur : Daria Finocchiaro; Caterina Mendicino
Éditeur: Stockholm Sveriges Riksbank 2015
Collection: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Édition/format:   Fichier d’ordinateur : Anglais
Résumé:
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  Lire la suite...
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Détails

Type d’ouvrage: Ressource Internet
Type de document: Ressource Internet, Fichier d'ordinateur
Tous les auteurs / collaborateurs: Daria Finocchiaro; Caterina Mendicino
Numéro OCLC: 934078832
Numéro d’acquisition: (DE-599)GBV845461036
Description: Online-Ressource (11 S.) graph. Darst.
Titre de collection: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Responsabilité: Daria Finocchiaro and Caterina Mendicino

Résumé:

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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Primary Entity<\/h3>\n
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