Financial Frictions, Investment Delay, and Asset Market Interventions
构建动态宏观模型，纳入金融摩擦和投资延迟，校准至美国数据后量化分析股权流动性冲击和企业家借贷能力冲击对总经济活动的影响，并比较政府购买私人股权与私人债务在公开市场中的干预效果。
We construct a dynamic macro model to incorporate financial frictions and investment delay. Investment is undertaken by entrepreneurs who face liquidity frictions in the equity market and a collateral constraint in the debt market. After calibrating the model to the U.S. data, we quantitatively examine how aggregate activity is affected by a shock to equity liquidity and a shock to entrepreneurs' borrowing capacity. We then analyze the effectiveness of government interventions in the asset market after such financial shocks. In particular, we compare the effects of government purchases of private equity and of private debt in the open market. In addition, we examine how these effects of government interventions depend on the option to delay investment.