دانلود مقاله ISI انگلیسی شماره 92450
ترجمه فارسی عنوان مقاله

سرمایه ناهمگن و ناسازگاری

عنوان انگلیسی
Heterogeneous capital and misintermediation
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
92450 2017 52 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Macroeconomics, Volume 53, September 2017, Pages 16-41

پیش نمایش مقاله
پیش نمایش مقاله  سرمایه ناهمگن و ناسازگاری

چکیده انگلیسی

A perennial problem of financial markets is that of maturity mismatch, or misintermediation, a situation in which financial intermediaries fund long-term, illiquid loans with short-term liabilities. A previous theory concludes that misintermediation can be responsible for business cycles and yields procyclical behavior of surprises in real interest rates. This paper proposes a finite horizon structural model with the introduction of heterogeneous capital to formalize and develop that theory. An extended model with labor as well as a “harvesting” technology further investigates the impact of misintermediation on real factor prices. The model implied relationship between unanticipated changes in real interest rates and real outputs over time is examined in a subsequent empirical study, which provides preliminary evidence consistent with the hypothesis of misintermediation.