Similar Search Results

FTPL and the Maturity Structure of Government Debt in the New Keynesian Model

Liemen, Max Ole; Posch, Olaf - 2022

In this paper, we revisit the fiscal theory of the price level (FTPL) within the New Keynesian (NK) model. We show in … which cases the average maturity of government debt matters for the transmission of policy shocks. The central task of this … paper is to shed light on the theoretical predictions of the maturity structure on macro dynamics with an emphasis on model …

Persistent link: https://www.econbiz.de/10014080233

On the Elasticity of Substitution between Labor and ICT and IP Capital and Traditional Capital

Jerbashian, Vahagn - 2022

I estimate CES aggregate production functions for the US, the UK, Japan, Germany, and Spain using data from the EU KLEMS database. I distinguish between three types of capital: information and communication technologies (ICT), intellectual property (IP) capital, and traditional capital. I assume...

Persistent link: https://www.econbiz.de/10014243755

The Impact of Peer-to-Peer Lending on Small Business Loans

Kim, Jin-Hyuk - 2020

We investigate the impact of peer-to-peer lending on the small business loans originated by US depository institutions that are subject to the Community Reinvestment Act. We present a model where a borrower can choose between a traditional bank and a crowdlending platform and show that the entry...

Persistent link: https://www.econbiz.de/10012834364

A Theory of Outside Equity : Financing Multiple Projects

Bougheas, Spiros - 2019

In the financial economics literature debt contracts provide efficient solutions for addressing managerial moral hazard problems. We analyze a model with multiple projects where the manager obtains private information about their quality after the contract with investors is agreed. The...

Persistent link: https://www.econbiz.de/10012892115

Credit Frictions, Selection into External Finance, and Gains from Trade

Unger, Florian - 2019

This paper analyzes the effects of credit frictions in a trade model where heterogeneous firms select both into exporting and into two types of external finance. In our framework, small producers face stronger credit frictions, pay a higher borrowing rate and rely on bank finance, whereas large...

Persistent link: https://www.econbiz.de/10012866403

The Dollar and Corporate Borrowing Costs

Meisenzahl, Ralf - 2020

We show that U.S. dollar movements affect syndicated loan terms for U.S. borrowers, even for those without trade exposure. We identify the effect of dollar movements using spread and loan amount adjustments during the syndication process. Using this high-frequency, within loan variation, we find...

Persistent link: https://www.econbiz.de/10012830351

Corporate Debt and Stock Returns : Evidence from U.S. Firms During the 2020 Oil Crash

Arezki, Rabah; Cho, Caleb; Nguyen, Ha; Nguyen, Kate; … - 2022

This paper explores the effect of oil price fluctuations on the stock returns of U.S. oil firms using a strategy of identification through heteroskedasticity exploiting the 2020 oil crash. Results are twofold. First, we find that a decline in oil prices statistically significantly reduces stock...

Persistent link: https://www.econbiz.de/10014083040