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首页> 外文期刊>Journal of Economic Dynamics and Control >Understanding liquidity shortages during severe economic downturns
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Understanding liquidity shortages during severe economic downturns

机译：了解严重经济衰退期间的流动性短缺

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摘要

One feature of economic recessions is the appearance of aggregate liquidity shortages that can exacerbate the economic downturn. We develop a model in which the demand for liquidity arises suddenly in response to continued funding needs of partially completed investment projects whose outcomes are subject to idiosyncratic shocks and moral hazard. When the economy experiences an adverse aggregate productivity shock, incentive constraints that underlie equity contracts may bind, provided the shock is severe enough. In this case, credit-rationing appears, and the heightened demand for liquidity coincides with a greater reluctance to take on equity positions or deepen investments in on-going investment projects. The consequence is a reduction in new investment and termination of on-going projects due to a lack of liquidity, thereby worsening the economic slowdown.
机译：经济衰退的特征之一是总流动性短缺的出现，这可能加剧经济下滑。我们开发了一个模型，其中，由于部分完成的投资项目对资金的持续需求而导致对流动性的需求突然增加，其结果会遭受特质冲击和道德风险。当经济遭受不利的总生产率冲击时，只要冲击足够严重，就可以约束作为股权合同基础的激励约束。在这种情况下，出现了信贷配给，并且对流动性的需求增加，同时也更不愿承担股权或加深对正在进行的投资项目的投资。结果是由于缺乏流动性而减少了新投资并终止了进行中的项目，从而加剧了经济增速放缓。

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