LIQUIDITY AND INEFFICIENT INVESTMENT

• 成果类型: Article
• 署名作者: Hart, Oliver; Zingales, Luigi
• 署名单位: Harvard University; University of Chicago
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1111/jeea.12130
• 发表日期: 2015
• 页码: 737-769
• 关键词: global imbalances; asset markets; debt; equilibrium; consumption; PRIVATE; MODEL

摘要

We study consumer liquidity in a general equilibrium model where the friction is the nonpledgeability of future income. Liquidity helps to overcome the absence of a double coincidence of wants. Consumers over-hoard liquidity and the resulting competitive equilibrium is constrained inefficient. Fiscal policy following a large negative shock can increase ex-ante welfare. If the government cannot commit, the ex-post optimal fiscal policy will be too small from an ex-ante perspective. The model throws light on the holding of foreign reserves in international markets.