货币宽松，杠杆支出和缺乏投资Monetary Easing, Leveraged Payouts and Lack of Investment
摘要：
本文研究了一种模型，在该模型中，低货币政策利率可以降低企业家的资本成本，从而有可能刺激生产性投资。但是，低利率也促使企业家加紧杠杆，以增加对股本的支付。尽管这种杠杆支付使企业家私下受益，但它们却付出了降低激励措施的社会代价，从而降低了生产率并阻碍了投资。如果杠杆不受监管（例如，由于存在影子银行系统），那么最佳货币政策将通过刺激投资来应对不利冲击，从而控制这种社会成本高昂的杠杆支出，但这种冲击只能达到第一级以下的水平。最好。最优货币政策甚至可能包括“逆风而上”，即根本不刺激经济，




英文摘要：
AbstractThis paper studies a model in which a low monetary policy rate lowers the cost of capital for entrepreneurs, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase payouts to equity. Whereas such leveraged payouts privately benefit entrepreneurs, they come at the social cost of reducing their incentives thereby lowering productivity and discouraging investment. If leverage is unregulated (for example, due to the presence of a shadow-banking system), then the optimal monetary policy seeks to contain such socially costly leveraged payouts by stimulating investment in response to adverse shocks only up to a level below the first-best. The optimal monetary policy may even consist of “leaning against the wind,” i.e., not stimulating the economy at all, in order to fully contain leveraged payouts and maintain productive efficiency.

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