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Debt, equity and the equity price puzzle
Finocchiaro, Daria; Mendicino, Caterina - 2015
financial frictions and labor demand, as in Jermann and Quadrini (2012), is key to the result. A collateral constraint a la …
Persistent link: https://www.econbiz.de/10011410405
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Two monetary tools : interest rates and haircuts
Ashcraft, Adam B.; Garleanu, Nicolae; Pedersen, Lasse Heje - 2010
Persistent link: https://www.econbiz.de/10008667420
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On the neutrality of credit-driven asset bubbles
Reicher, Christopher Phillip - 2011
output comes from an unusual regime. -- Bubbles ; fiscal theory of the price level ; collateral constraints ; neutrality …This paper proposes and tests a theory of credit-driven asset bubbles which are neutral in their real effects. When a … lender such as a government, central bank, or banking sector is willing to lend infinitely against collateral, explosive …
Persistent link: https://www.econbiz.de/10008904609
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Three essays on sovereign default and collateral constraints
Grill, Michael - 2011
Persistent link: https://www.econbiz.de/10009377300
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Two monetary tools : interest rates and haircuts
Ashcraft, Adam B.; Garleanu, Nicolae; Pedersen, Lasse Heje - In: NBER macroeconomics annual 25 (2010), pp. 143-208
Persistent link: https://www.econbiz.de/10009155273
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Two Monetary Tools : Interest Rates and Haircuts
Ashcraft, Adam B. - 2010
We study a production economy with multiple sectors financed by issuing securities to agents who face capital constraints. Binding capital constraints propagate business cycles, and a reduction of the interest rate can increase the required return of high-haircut assets since it can increase the...
Persistent link: https://www.econbiz.de/10013138470
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Collateral constraints and asset prices
Chabakauri, Georgy; Han, Brandon Yueyang - In: Journal of financial economics 138 (2020) 3, pp. 754-776
Persistent link: https://www.econbiz.de/10012653137
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Asset prices, collateral, and unconventional monetary policy in a DSGE model
Hilberg, Björn; Hollmayr, Josef - 2013
In this paper we set up a New-Keynesian model with a heterogenous banking sector to analyze liquidity problems on the interbank market. The presence of an interbank market is essential to consider a situation where an increased liquidity supply by the central bank is only partially passed on to...
Persistent link: https://www.econbiz.de/10010192797
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Two Monetary Tools : Interest Rates and Haircuts
Ashcraft, Adam - 2010
We study a production economy with multiple sectors financed by issuing securities to agents who face capital constraints. Binding capital constraints propagate business cycles, and a reduction of the interest rate can increase the required return of high-haircut assets since it can increase the...
Persistent link: https://www.econbiz.de/10012462319
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Two monetary tools : interest rates and haircuts
Ashcraft, Adam B.; Garleanu, Nicolae; Pedersen, Lasse Heje - 2010
Persistent link: https://www.econbiz.de/10008660862