Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity
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https://www.nber.org/papers/w19009
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资源简介：
When limited commitment hinders unsecured credit, assets help by serving as collateral. We study models where assets differ in pledgability - the extent to which they can be used to secure loans - and hence liquidity. Although many previous analyses of imperfect credit focus on producers, we
提供机构：
美国国家经济研究局
创建时间：
2013-05-01
