Liquidity and Inefficient Investment
收藏NBER2013-06-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w19184
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资源简介：
We study the role of fiscal policy in a complete markets model where the only friction is the nonpledgeability of human capital. We show that the competitive equilibrium is constrained inefficient, leading to too little risky investment. We also show that fiscal policy following a large negative
提供机构：
美国国家经济研究局
创建时间：
2013-06-01
