Sticky Leverage

American Economic Review - Tập 106 Số 12 - Trang 3800-3828 - 2016
João F. Gomes1, Urban J. Jermann2, Lukas Schmid3
1Wharton School, University of Pennsylvania, 3620 Locust Walk, Philadelphia, PA 19104 (e-mail: )
2Wharton School, University of Pennsylvania, 3620 Locust Walk, Philadelphia, PA 19104 and NBER (e-mail: )
3Fuqua School of Business, Duke University, 100 Fuqua Drive, Durham, NC 27708, and CEPR (e-mail: )

Tóm tắt

We develop a tractable general equilibrium model that captures the interplay between nominal long-term corporate debt, inflation, and real aggregates. We show that unanticipated inflation changes the real burden of debt and, more significantly, leads to a debt overhang that distorts future investment and production decisions. For these effects to be both large and very persistent, it is essential that debt maturity exceeds one period. We also show that interest rate rules can help stabilize our economy. (JEL E12, E31, E44, E52, G01, G32, G35)

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Thông tin
Thông tin xuất bản

American Economic Review

Tập 106 Số 12

3800-3828

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