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Debt, equity and the equity price puzzle

Auteur: Daria Finocchiaro; Caterina Mendicino
Uitgever: Stockholm Sveriges Riksbank 2015
Reeks: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Editie/materiaalsoort:   Computerbestand : Engels
Samenvatting:
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  Meer lezen...
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Gegevens

Materiaalsoort: Internetbron
Soort document: Internetbron, Computerbestand
Alle auteurs / bijdragers: Daria Finocchiaro; Caterina Mendicino
OCLC-nummer: 934078832
Aanwinstnr: (DE-599)GBV845461036
Beschrijving: Online-Ressource (11 S.) graph. Darst.
Titel reeks: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Verantwoordelijkheid: Daria Finocchiaro and Caterina Mendicino

Samenvatting:

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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