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    題名: Endogenous Debt-Equity Ratio and Balance-Sheet Channel: Implications for Growth and Welfare
    作者: 蕭明福
    Shaw, Ming‐fu
    Chang, Juin-jen
    Fan, Chih-ping
    貢獻者: 經濟系
    日期: 2018-03
    上傳時間: 2018-08-15 17:11:30 (UTC+8)
    摘要: This paper endogenizes the debt‐equity ratio and embodies financial leverage in a cash‐in‐advance model of endogenous growth. Our analysis finds that the debt‐equity ratio is positively related to the balanced‐growth rate, since it serves as a ‘financial accelerator’ to stimulate investment projects. Compared to previous studies, this positive relationship gives rise to an additional balance‐sheet effect, which substantially affects the macroeconomic consequences of monetary and taxation policies. Due to the existence of the balance‐sheet effect, we also find that the Friedman rule is not necessarily optimal.
    關聯: Bulletin of Economic Research, Vol.71, No.3, pp.219-239
    資料類型: article
    DOI 連結: https://doi.org/10.1111/boer.12152
    DOI: 10.1111/boer.12152
    顯示於類別:[經濟學系] 期刊論文

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