welfare effects of liquidity constraints
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welfare effects of liquidity constraints by Tullio Jappelli

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Published by Centre for Economic Policy Research in London .
Written in English


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Edition Notes

StatementTullio Jappelli and Marco Pagano.
SeriesDiscussion paper series / Centre for Economic Policy Research -- No. 1108
ContributionsPagano, Marco., Centre for Economic Policy Research.
ID Numbers
Open LibraryOL19089710M

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The Welfare Effects of Liquidity Constraints Tullio Jappelli* and Marco Pagano* Forthcoming in Oxford Economic Papers Abstract We analyze the welfare implications of liquidity constraints for households in an overlapping generations model with growth. In a closed economy with exogenous technical progress, liquidity constraints reduce welfare if the. THE WELFARE EFFECTS OF LIQUIDITY CONSTRAINTS accumulation. Thus, in a small open economy it is desirable to lift financial restric- tions in the domestic credit market for households. But what is optimal at national level is not optimal at world level: if each country liberalizes the domestic credit market, world saving and investment fall. Joint and several effects of liquidity constraints, financing constraints, and financial intermediation on the welfare cost of inflation. Tokyo: Institute for Monetary and Economic Studies, Bank of Japan, [] (OCoLC) Material Type: Internet resource: Document Type: Book, Internet Resource: All Authors / Contributors. The Welfare Effects of Liquidity Constraints. Tullio Jappelli and Marco Pagano () CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy. Abstract: We analyze the welfare implications of liquidity constraints for households in an overlapping generations model with growth. In a closed economy with exogenous technical progress, liquidity constraints reduce welfare .

In a closed economy with exogenous technical progress, liquidity constraints reduce welfare if the economy is dynamically inefficient. But if it is dynamically efficient, some degree of financial repression is required to maximize steady-state utility, even though some generations are hurt in the transition. The welfare effects of liquidity constraints. By T. Jappelli, M Pagano and London (United Kingdom) Centre for Economic Policy Research. Abstract. SIGLEAvailable from British Library Document Supply Centre- DSC(CEPR-DP) / BLDSC - British . Abstract. We analyse the welfare implications of liquidity constraints for households in an overlapping generations model with growth. In a closed economy with exogenous technical progress, liquidity constraints reduce welfare if the economy is dynamically inefficient. But if it is dynamically efficient, some degree of financial repression is optimal in the steady state, even though it hurts some . The Welfare Effects of Liquidity Constraints. By Tullio Jappelli and Marco Pagano. Abstract. We analyse the welfare implications of liquidity constraints for households in an overlapping generations model with growth. In a closed economy with exogenous technical progress, liquidity constraints reduce welfare if the economy is dynamically.

Moreover, for large money shocks, there is no liquidity effect and no sluggish price adjustment. With more general preferences, the effect of liquidity constraints on the capital stock can be reinforced or attenuated by the impact of the interest rate on the saving of the middle aged. If the substitution effect dominates the income effect, the saving of the middle aged increases in response to a . LiquidityBook Login LiquidityBook Login. The Effect of Liquidity Constraints on Consumption: A Cross-Sectional Analysis Fumio Hayashi. NBER Working Paper No. Issued in April NBER Program(s):Economic Fluctuations and Growth Program This paper examines the effect of liquidity constraints on consumption expenditures using a single-time cross-section data set.