منابع مشابه
Leverage and Asset Prices: An Experiment
This is the first paper to test the asset pricing implication of leverage in a laboratory. We show that as theory predicts, leverage increases asset prices: when an asset can be used as collateral (i.e., when the asset can be bought on margin), its price goes up. This increase is significant, and quantitatively close to what theory predicts. However, important deviations from the theory arise i...
متن کاملLeverage Mobile GPUs for Flexible High-Speed Wireless Communication
Due to the fast emergence of new wireless technologies, traditional hardware accelerator based wireless baseband processors can no longer meet the requirement of a short time to market. On the other hand, general-purpose processors support good general programming models, which can greatly reduce the development cycle and effort for new mobile devices to support the most advanced wireless techn...
متن کاملLiquidity Deflation and Liquidity Trap under Flexible Prices
I discuss some simple microfoundations for Liquidity Deflation, a concept put forward in Calvo (2016 a and b), which can give rise to liquidity trap conditions under perfectly flexible prices. Unlike in Keynes (1936), this is a Supply Side Liquidity Trap. Moreover, modeling the policy interest rate as the rate of return on money-like instruments à la Calvo and Végh (1995), denoted by i!, I show...
متن کاملHouse Prices , Home Equity - Based Borrowing , and the U . S . Household Leverage Crisis
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in defaults from 2006 to 2008. Employing land topology-based housing supply elasticity as an instrument for ho...
متن کاملHouse Prices, Economic Cycles, and Leverage with Market-Based Intermediation in the Housing Market
The housing and credit markets are closely linked. This paper presents VAR evidence that house prices can generate financial and business cycle dynamics. An increase in house prices leads to a boom in mortgage and real estate construction lending. Leverage decreases in the short run before rising at longer-run horizons across households and most financial intermediaries, irrespective of their p...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2018
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2018.03.009