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Debt, equity and the equity price puzzle

Autore: Daria Finocchiaro; Caterina Mendicino
Pubblicazione: Stockholm Sveriges Riksbank 2015
Serie: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Edizione/Formato:   Computer file : English
Sommario:
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  Per saperne di più…
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Dettagli

Tipo materiale: Risorsa internet
Tipo documento Risorsa Internet, Computer file
Tutti gli autori / Collaboratori: Daria Finocchiaro; Caterina Mendicino
Numero OCLC: 934078832
Accesso n.: (DE-599)GBV845461036
Descrizione: Online-Ressource (11 S.) graph. Darst.
Titolo della serie: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Responsabilità: Daria Finocchiaro and Caterina Mendicino

Sinossi:

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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