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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
1

Investor borrowing heterogeneity in a Kiyotaki-Moore style macro model

Punzi, Maria Teresa, Rabitsch, Katrin 05 1900 (has links) (PDF)
We introduce heterogeneity in investors' ability to borrow from collateral in a Kiyotaki-Moore style macro model, calibrated to the quintiles of the leverage-ratio distribution of US non-financial firms. Financial amplification intensifies, because of stronger asset price reactions of highly levered investors. (authors' abstract)
2

Investor borrowing heterogeneity in a Kiyotaki-Moore style macro model

Punzi, Maria Teresa, Rabitsch, Katrin 11 1900 (has links) (PDF)
We allow for heterogeneity in investors' ability to borrow from collateral in a Kiyotaki-Moore style macro model. We calibrate the model to match the quintiles of the distribution of leverage ratios of US non-financial firms. We show that financial amplification of the model with heterogeneous investors can be orders of magnitude higher, because of more pronounced asset price reactions. / Series: Department of Economics Working Paper Series

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