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The impact of liquidity on asset depreciation and on portfolio substitution as between stocks and bonds: The net-wealth effect of inflation and government debt in a transactions economy featuring capital accumulation.

机译：流动性对资产折旧以及股票和债券之间的投资组合替代的影响：在具有资本积累的交易经济中，通货膨胀和政府债务的净财富效应。

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The net-wealth effect and cyclical role of monetary and fiscal policy are analyzed in a closed-economy setting featuring identical infinite-lived agents, certainty, perfect competition and non-distortionary taxation as well as generic transactions costs, which are introduced into the neoclassical setting via either a cash-in-advance or a cash-and-bonds-in-advance constraint, or a shopping-time constraint featuring money and/or bonds as liquidity. In this framework, a premium on equity over bonds is derived as a positive function of the present value of marginal liquidity services, and both bonds and money are shown to be negative components of private wealth. At the same time, a shift away from tax revenue into debt in public finance is shown to reduce effective discounting on prospective security returns and to prompt portfolio substitution out of Government bonds into capital, hence increasing net saving and inducing a positive net-wealth effect as well as a surge in real output and income. By raising unit transactions costs while reducing the present value of marginal liquidity services, anticipated inflation is shown to magnify the effective rate of discount on prospective security returns, thereby accelerating portfolio depreciation and reducing desired saving, on the one hand, and to tax capital more heavily than bonds, thereby inducing a portfolio switch out of stocks into bonds, on the other hand; hence, anticipated inflation proves to reduce net saving and to induce a negative net-wealth effect as well as a decline in real output and income in general equilibrium.

机译：在封闭经济环境中分析了货币和财政政策的净财富效应和周期性作用，该环境具有相同的无限寿期代理，确定性，完全竞争和无扭曲征税以及一般交易成本，这些已被引入新古典经济学通过预付现金或预付现金和债券的约束条件，或以货币和/或债券为流动性的购物时间约束条件进行设置。在这个框架中，股票溢价比债券溢价是边际流动性服务现值的正函数，债券和货币都是私人财富的负组成部分。同时，从税收转为公共财政的债务，可以减少对潜在证券收益的有效折价，并促使投资组合从政府债券中替代为资本，从而增加净储蓄并产生积极的净财富效应以及实际产出和收入的激增。通过提高单位交易成本，同时降低边际流动性服务的现值，预期的通货膨胀将放大预期证券收益的有效折现率，从而一方面加快投资组合折旧并减少期望的储蓄，另一方面对资本征税另一方面，它比债券重得多，从而导致投资组合从股票转换为债券。因此，预期的通货膨胀证明会减少净储蓄，并引起负面的净财富效应，以及在一般均衡中实际产出和收入的下降。

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作者
Baldi, Alessandra.;
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作者单位

Columbia University.;

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授予单位 Columbia University.;
学科 Economics General.; Economics Finance.; Economics Theory.
学位 Ph.D.
年度 2001
页码 146 p.
总页数 146
原文格式 PDF
正文语种 eng
中图分类经济学;财政、金融;经济学;
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机译：在印度尼西亚证券交易所上市的制造业公司的金融资本结构对金融资本结构的盈利能力，资产变形，企业税，非债权盾牌和通货膨胀的影响
2. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

The impact of liquidity on asset depreciation and on portfolio substitution as between stocks and bonds: The net-wealth effect of inflation and government debt in a transactions economy featuring capital accumulation.

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