Sticky Leverage

• 成果类型: Article
• 署名作者: Gomes, Joao; Jermann, Urban; Schmid, Lukas
• 署名单位: University of Pennsylvania; National Bureau of Economic Research; Duke University; Center for Economic & Policy Research (CEPR)
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20130952
• 发表日期: 2016
• 页码: 3800-3828
• 关键词: monetary-policy; Debt overhang; inflation

摘要

We develop a tractable general equilibrium model that captures the interplay between nominal long-term corporate debt, inflation, and real aggregates. We show that unanticipated inflation changes the real burden of debt and, more significantly, leads to a debt overhang that distorts future investment and production decisions. For these effects to be both large and very persistent, it is essential that debt maturity exceeds one period. We also show that interest rate rules can help stabilize our economy.