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作者：Peretto, Pietro F.; Seater, John J.
作者单位：Duke University; North Carolina State University
摘要：Perpetual growth requires offsetting diminishing returns to reproducible factors of production. In this article we present a theory of factor elimination. For simplicity and clarity, there is no augmentation of non-reproducible factors, thus excluding the standard engine of growth. By spending resources on R&D, agents learn to change the exponents of a Cobb-Douglas production function. We obtain the economy's balanced growth path and complete transition dynamics. The theory provides a mechanis...
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作者：Massa, Massimo; Zhang, Lei
作者单位：INSEAD Business School; Nanyang Technological University
摘要：The relative availability of bond and bank financing should affect the firm's external financing and investment decisions. We define a measure that proxies for the regional borrowing inflexibility to substitute between bank and bond financing: debt inflexibility. Debt inflexibility tilts the firm's financial structure towards equity and reduces investment. The impact is stronger during the period of tight monetary policy, particularly for smaller firms and firms without banking relationships. ...
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作者：Li, Ying-Syuan; Li, Yiting
作者单位：Fu Jen Catholic University; National Taiwan University
摘要：When lenders cannot force borrowers to repay debts, assets are often pledged to secure loans. In this paper borrowers lose collateral once they renege on debts, and exclusion of defaulters occurs probabilistically, with a higher probability implying better enforcement. Increased efficiency in enforcement reduces asset prices, while raising loan-to-value ratios. If the rise in loan-to-value ratios is the dominant effect, aggregate liquidity and output increase with the advance in enforcement. I...
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作者：Gunn, Christopher M.; Johri, Alok
作者单位：Carleton University; McMaster University
摘要：The boom-years preceding the great recession were a time of rapid innovation in the financial industry. We explore the idea that both the boom and eventual bust emerged from overoptimistic expectations of efficiency-gains in the financial sector. We treat the bankruptcy costs facing intermediaries in a costly state verification problem as a stochastic process, and model the boom-bust in terms of an unfulfilled news-shock where the expected fall in costs are eventually not realized. In response...
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作者：Kumar, Praveen; Langberg, Nisan
作者单位：University of Houston System; University of Houston
摘要：A model of endogenous investment booms and busts with rational agents is presented where outside investors are uncertain about both industry (aggregate) and firm-specific capital productivity, and insiders manipulate information through strategic productivity disclosures. For intermediate and high levels of agency conflict, there are aggregate investment distortions along the equilibrium path, investment dynamics are history-dependent, and depict patterns of persistent investment booms or inve...
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作者：Andolfatto, David
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Simon Fraser University
摘要：For competitive economies in which the real rate of return on money is too low, the standard prescription is to engineer a deflation that is, to operate monetary policy according to the Friedman rule. Implicit in this recommendation is the availability of a lump-sum tax instrument. In this paper, I view lump-sum tax obligations as a form of debt subject to default. While individuals may want to honor such obligations ex ante, a lack of commitment (the sine qua non of modern monetary theory) ma...
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作者：Yu, Jianfeng
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：A sentiment-based model of the exchange rate is proposed to understand the forward premium puzzle. Agents over- or under-estimate the growth rate of the economy. All else equal, when perceived domestic growth is higher than perceived foreign growth, the domestic interest rate is higher than the foreign interest rate. At the same time, an econometrician would expect an increase in the home currency value. Together, the model with investor misperception can account for the forward premium puzzle...
