Excessive Financing Costs in a Representative Agent Framework
揭示了企业为购买供给无弹性的投入品而竞标，推高价格，导致债务增加和中介成本上升，从而产生过度融资成本。模型量化表明，最优政策是将借款利率提高3个百分点以对金融中介征税。
This paper highlights a pecuniary externality that results in excessive financing costs. Firms borrow to finance purchases of an inelastically supplied input, bidding up its price. Since higher input prices necessitate more debt obligations, this leads to an increase in intermediation costs. A quantitative interpretation of the model suggests that it is optimal to tax financial intermediation by increasing the borrowing rate by 3 percentage points.