Liquidity and Inefficient Investment
收藏NBER2013-06-01 更新2025-01-04 收录
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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
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美国国家经济研究局创建时间：
2013-06-01
