Capital over the Business Cycle: Renting versus Ownership
研究发现美国资本租赁占资本支出的五分之一，且在经济衰退期增加；租赁更普遍的国家在金融危机后产出损失更小。通过构建一般均衡模型，解释了租赁的反周期性和缓解金融危机的作用。
We find that capital renting makes up one‐fifth of U.S. capital expenditures, and it increases during downturns. Further, we present cross‐country evidence that output losses after financial crises are smaller where renting is more prevalent. To understand these findings, we build a general equilibrium model with borrowing constraints and with the option to rent or buy capital. The countercyclicality of rentals occurs because their supply increases, as renting serves as an additional means of savings when credit markets malfunction. Moreover, demand also shifts toward rentals as they become relatively cheaper. By absorbing excess savings, renting mitigates financial crises.