Long-Term Finance and Investment with Frictional Asset Markets
研究发现金融市场交易摩擦对长期债券影响更大，导致收益率曲线向上倾斜；高摩擦经济体中长期融资成本更高，企业倾向于短期低效投资，而改善流动性的政策能降低长期融资成本并促进长期项目投资。
Trading frictions in financial markets affect more long-term than short-term bonds, generating an upward-sloping yield curve. Long-term financing is more expensive in economies with higher trading frictions so firms choose to borrow and invest in shorter horizons and lower productivity projects. The theory guides a new identification of the slope of liquidity spread in the data. We measure and calibrate the model for the United States, and counterfactual exercises suggest that variations in trading frictions can have significant effects on maturity choices and investment. A policy intervention improves liquidity, reduces long-term financial costs, and promotes investment in longer-term projects.