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Debt, equity and the equity price puzzle

Autor: Daria Finocchiaro; Caterina Mendicino
Editora: Stockholm Sveriges Riksbank 2015
Séries: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Edição/Formato   Arquivo de computador : Inglês
Resumo:
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  Ler mais...
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Detalhes

Tipo de Material: Recurso Internet
Tipo de Documento Recursos de internet, Arquivo de computador
Todos os Autores / Contribuintes: Daria Finocchiaro; Caterina Mendicino
Número OCLC: 934078832
Nr. de Ascensão: (DE-599)GBV845461036
Descrição: Online-Ressource (11 S.) graph. Darst.
Título da Série: Sveriges Riksbank working paper series, 314; Sveriges Riksbank working paper series, Sveriges Riksbank, 314
Responsabilidade: Daria Finocchiaro and Caterina Mendicino

Resumo:

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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